I use both Tenax and Ambroid, and I really don't see a lot of difference between them. Maybe Tenax is a touch more aggressive.
I stumbled on an applicator that really works well. It's called a ruling pen and is used by draftsmen to draft different thicknesses of lines. I got mine from an old compass set I had in drafting class. It works
GREAT! Here is a picture of one: http://www.reuels.com/reuels/product20516.html
I use Tenax for jobs like Rick described - cementing long joints like wing halves or the fuselage halves. Just dip the pen in the Tenax like you would in an ink bottle, touch the tip of the pen to the joint, and capillary action between the halves sucks out the perfect amount of cement. It's almost like magic. You can adjust the amount of Tenax you get by turning a little knurled knob on the pen to spread the split sides.
You can also narrow down the pen opening and put tiny drops in mounting holes, etc. The only thing you don't want to do is leave the sides of the pen spread far apart to hold lots of cement when you really only want a tiny drop. How wide you spread the pen halves is pretty much self evident after you have used it once or twice.
Just give me my ruling pen and a bottle of Tenax and I'll make seams that take about 1/3 the amount of cleanup that I used to have using a brush, toothpick, etc. Just a caution - I turned a little brass holder for the pen on my lathe. If the pen comes with a plastic handle, I wouldn't dip the plastic in the cement. Actually, I used an alligator clip to hold the pen until I got ambitious enough to turn the holder.