Used the server in a vid... here it is

And the people on the official minecraft forums like it
http://www.minecraftforum.net/topic/514430-need-help-identifying-redstone-device/page__gopid__6781967#entry6781967

Here look at this, see if it matches with your output signal.
http://en.wikipedia.org/wiki/Multivibrator

Looks monostable to me, at least from what I could see in the vid. (could draw ye a diagram if you would like)

Good job, looks small enough and easy to adjust.

Nice choice in music

it's almost a monostable circuit... that's what I was thinking at first... but a monostable circuit acts like this: the output turns on when the input turns on, but then is turned off after a short delay and stays off while the input is on, then when the input is off, the output still stays off.
And I read that wiki (from what I understood... my AP Physics teacher didn't teach us electricity too well... he just threw a book at us and said go), and it seems most similar to a monostable vibrator circuit

I base my assumption on the output signal as its similar to monostable in its function, you can reverse it but most likely would need to alter the current design. Input can be altered to suit other needs besides this circuit alone and still achieve the same thing: change 0 to 1 for a brief time then change back to 0. (or vice versa).

Would explain it better but its been almost 6 years since I did my degree in electronics. (and I cant find my books lawl).
Still good job. Seems alot more simplistic than the other options.

Also, your electronic teacher needs to burn.

Yeah. it's almost like a double-monostable circuit... or something...

The best way I've been able to explain it on the official MC forums (linked above) is a button controlled by a lever. The way I use it is in devices where I want one or more parts to be constantly on or off depending on which way the lever is switched, but some elements need to pulse, as if controlled by a button.
Almost like a backwards RS NOR Latch. To my knowledge, an RS NOR Latch is something that stays on after a pluse input (like a button controlling a lever). This is a constant input creating a pulse (a lever controlling a button)

Lets just call it the NDD gate (Ninjas doomsday device) xD

or just slightly monostable device thingy

Someone on the official MC forums said it's a double edge-trigger... but I have no idea what that is