Poptart is right. The less expensive models are called the Applause line. (HA! Get it?! Ovation? APPLAUSE?!?! HAHAHAAHAHA...yeah I'm not laughing either...) They're solid guitars, all of them. A buddy of mine plays a 15 year old Ovation with a top that's cracked in about 20 places hahaha. It's still a solid instrument.
Please note that this shouldn't represent all Ovations. He beat the tar out of that thing. It wasn't anything that wouldn't have happened to any other acoustic. They're awesome stuff, and you can find a solid 6-string Applause for around $200 or less used. Even some used Ovations go that low. Well worth the money, Eddie.