From "RESTful Web Services Cookbook"
Problem
You want to know how to provide resource abstractions for
  tasks such as performing computations or validating data.
Solution
Treat the processing function as a resource, and use HTTP GET to fetch
  a representation containing the output of the processing function. Use
  query parameters to supply inputs to the processing function.
This entails just GET requests on a URI that represents the processing function. Your example 'http://example.com/application/abc123' URI. When returning a response you would include what information you have by now and use HTTP codes to indicate the status of the processing as already suggested by Tomasz.
However..., you should not use this approach, if the subsequent application processing stores or modifies data in any way.
GET requests should never have side effects. If the submittal of the application leads in anyway (even if only after being processed in from queue) to new information / data being stored, you should use a PUT or a POST request with the application's data in the request's body. See "Why shouldn't data be modified on an HTTP GET request?" form more information.
If they application's submittal stores or modifies data, use the pattern for asynchronous processing: a POST or PUT request with the application's details.
For example
POST http://example.com/applications
which returns "201 Created" with the URI of the new application resource.
or
PUT http://example.com/applications/abc123
which returns "201 Created" and
Both would also return any resource information that is already known at that time.
You can then safely perform GET requests on the URI of the new resource as they now only retrieve data - the results of the application processing so far - and no data is stored or modified as a result of the GET.
To indicate the application's processing progress, the GET request can either return some specific status code in the response (queued, processing, accepted, rejected), and/or use the HTTP response codes. In either case a "200 OK" should only be returned when the application's processing is complete.