I think this is just measured in seconds.
By the way, one important fact about this attribute:
IT DOES NOT APPLY TO THE AI'S AIM
It only applies to things like avoiding collisions and maneuvering at close range (and I guess in-range calculations). Generally, anything other than a 0 just allows the AI to do monumentally stupid things like try to turn to avoid ramming where it thought you were 2 seconds ago.
If you want to control how often the AI's aim gets updated, use $Max Aim Update Delay instead. That actually makes a difference in how good the AI is at tracking you in terms of aim.