Yes, it's an excellent score for $15.
The one I had was a prototype, with Kaman's Matrix logo on the Ovation headstock shape, rather than the distinctive Applause peghead shape yours has. The black paint was scraped off the aluminum fretboard in the cowboy chord positions. Played and sounded great. I gave it to a friend who wanted to learn to play. We've moved to different parts of the country and lost touch, but I've often wondered how he got on with it.
Though most luthiers wouldn't touch them, a few people actually have refretted the aluminum fingerboards. One such person commented in reply to this blog post about the history of Kamen's aluminum necks
. Here's another version of the history
from the Ovation Fan Club
. The OFC's forums may be of interest to you. Also, the OFC hosts two Applause brochures (Brochure 1 Part 1
, Brochure 1 Part 2
, and Brochure 2
) which show construction details.
Strat62, I'm really, REALLY interested in how you mounted the P-90 in the sound hole of your Applause. I have three Ovations, and I have magnetic pickups in the sound holes of two of them, but I'm not happy with the way the pickups sit, due to the thickness of the rosettes/pickguards.