You are correct in saying that the circuit adds delay to all relay operations and that the turn on/off time is slightly imprecise, depending on the RC combination component tolerances and the FET threshold voltage tolerance, but Joshua's application may not require strict timing requirements.

I think we may all be forgetting that general purpose, non solid-state relays all have somewhat large parasitic resistances resulting in LR type circuits. Most of the 12V relays that Digikey sells have datasheets advertising minimum relay set times greater than 10 ms. Even some of the 12V solid-state ones had set times greater than 1 ms. Again, the specific relay you use will dictate how much time you have following a reset to pull the port pin low and cut-off the FET. But I think most 8051s are more than fast enough to accomplish this task within 10ms of a reset or power-up so there really is no need for the RC delay and you most likely could control the relay with just 1 FET like Peter says.

And yes, using two port pins, one FET, and one buffer/latch IC to drive one relay is unneccesarily complicated, but that type of setup becomes much more agreeable if you are driving 5-8 relays all off one /OE line.

If I'm wrong at all or presenting misinformation, do please correct me though.