I cleared the CRM 2011 Applications exam today. There were total 75 questions in it.
When compared to Customization exam this one was little easier as the Application part in CRM 2011 is more or less like CRM 4.0 only, apart from addition of few new features.
There were question around Marketing List (Static and Dynamic), Campaigns (and quick campaigns), Lead conversion, Service Scheduling etc. These official training materials should be more than sufficient
- 80292A: Service Management in Microsoft Dynamics CRM 2011
- 80293A: Service Scheduling in Microsoft Dynamics CRM 2011
- 80290A: Marketing Automation in Microsoft Dynamics CRM 2011
- 80291A: Sales Management in Microsoft Dynamics CRM 2011