I don't think I've heard of the phrase "coyote time" but I think I've encountered it before. Often enough to mess me up on games that don't use it. I guess that would explain the one time I did make it. I thought I was seeing things since I swear I was falling and THEN jumped over.
Thanks for sharing the game with us!
Edit: Yeah, that's definitely what I saw. I tried again and managed the first jump maybe 25-30% of the time but never twice in a row to make the second one.