No harm in applying ... they can't refuse an application, but the fact remains, there are still 152 AC pilots on layoff status and obviously subject to recall before any outside hiring. They are being gradually offered positions and it has been said by senior management that hopefully all will be back by the end of 2005.
It is entirely possibly that not all will accept a recall, and then the company will be be in a position to hire new pilots. Lots of retirements in the future ... possible expansion in the fleet as well, so good luck!