In computer science, the propogation delay is the amount of time starting from when the input to a logic gate becomes stable and valid to the time that the output of that logic gate is stable and valid.
In physics, particularly in the Electromagnetism field, the propagation delay is the amount of time it takes for a signal to travel to its destination. For example, in the case of an electric signal, it's the time it takes to travel through a wire. See Velocity_of_propagation.
In setting the clock period to a value well above the worst-case propagationdelay, it is possible to design the entire CPU and the way it moves data around the "edges" of the rising and falling clock signal.
Speculative execution often provides modest performance increases by executing portions of code that may or may not be needed after a conditional operation completes.
In the case where a portion of the CPU is superscalar and part is not, the part which is not suffers a performance penalty due to scheduling stalls.