Looky here! No more application.master!

In Microsoft SharePoint Foundation, application pages can now inherit a customized site Master Page through the DynamicMasterPageFile attribute.

In addition, there are a few pages which have been designated as Safeguarded Application Pages. These are the application pages that have safeguards against a broken Master Page. If these pages encounter an error when loading the dynamic Master Page, a safe Master Page in the _layouts folder is loaded instead.

  • AccessDenied.aspx
  • MngSiteAdmin.aspx
  • People.aspx
  • RecycleBin.aspx
  • ReGhost.aspx
  • ReqAcc.aspx
  • UserDisp.aspx
  • ViewLsts.aspx

Check out the regarding Master Pages in SharePoint 2010.