You guys are talking about Applause and Celebrity, those to me are not real Ovations anymore than a Squire is a real Fender or an Epiphone is a real Gibson. There really is a difference in the sound and playability. I don't think that I would buy a new Ovation. I would like to have an Adamas 12 string but if I could find a 70's or 80's Ovation 12 string that was in really good shape I could be very happy with it.
I visited an old friend about six months ago and took my Ovation Anniversary with me to do a little playing. He grumbled about how he didn't think Ovations were that good and wished he had a Yamaha or something instead of his Applause. Then he played my Anniversary and couldn't believe how great it sounded and played. I have run into that situation on more than one occasion.
There were an awful lot of great recordings made in the late 60s, 70, and 80's using Ovation guitars. A great example is the extraordinary sound of Jim Croce and his partner Maury Muehleisen, much of it produce with Ovation guitars. The list could go on and on. Okay I am through touting the wonders of Ovation guitars for now. But if you ever get the chance to play an older Ovation and not the entry level Celebrity series or Applause, you might find yourselves pleasantly surprised.