Don't get me wrong - even recovering from the Asian bird flu (or something like that), Christine Ebersole was above average in the leading role. It certainly was a disappointment to see her at less than "full speed". However, the problem was casting, not performance. As a good friend of mine said, "Could Christine Ebersole have been more mis-cast in the role of the aging Margo Channing?" I think not.
Certainly a brief but memorable performance from Mario Cantone and Kate Burton, but nothing in all of this would suggest it's anywhere close to a Broadway revival ala Gypsy with Lupone - (the last success story from Encores!) My favorite scenes were perhaps the full cast numbers -the show's title number "Applause" and "But Alive". Ebersole seemed to be having as much fun mixing it up with the gays as Bacall in this 1973.
It seemed appropriate for an "all star" semi-staged reading, but I'm going to guess that we won't be seeing Applause on Broadway again any time soon.