Hi Simon,
Your circuit implements a PWM which is controlled by the input frequency. The pulse width is detected by the output network (hence, mcneary's question about the output network) It can make a pretty good F/v converter, but you should understand how the pulse width is determined and how it is affected by the input frequency. You can look up the equations for a 555 based one-shot to understand the core circuit, and get simple equations for the pulse duration. There is lots and lots of good info online. It should be fairly easy to determine the optimum design for your frequency of interest. Basically, I think the period of the one-shot should be 50% of the frequency being measured. That period is set by R5 and C4. If you do the homework to understand the circuit, you'll learn alot. Good luck!
Ediot: Mcneary asked about the input network, not the output network. My bad. Anyway, you should make a good effort to understand the networks on both pin 7 and pin 3.