Well, there's 4 prop delays from the falling edge input to the output.
And not to be *too* critical, but this is a classic hazard-filled spaghetti-code glitch-driven asynchronous mess. For example, a fast glitch can fire both flipflops. And the circuit has four internal states, one of which is a hangup state, with both flops set; it will probably manage to find its way into that situation, and can never get out.
My circuit is better because it has no unnecessary states, and because it's simple and easy to understand. Much faster, too. The lowpass+schmitt is even better if you can tolerate the delay.
Asynchronous circuits are inherently hazardous, and desperately *want* to screw up, so should be kept as simple as possible.
John