Bill Clinton drew a round of applause Tuesday at the Time Warner Center — no small feat considering the “Conversations on the Circle” guest’s audience was a bevy of Gotham’s tough-to-please media elite.

One journo noted there was no such ovation for Bush political operative whiz Karl Rove, who was recently the first guest to participate in the series of one-on-one interviews held in Time Warner’s Zen-like screening room.

“The doctrine of equal time required us to reach out to the other side,” explained TW chairman-CEO Richard Parsons. The longtime Republican said even he considers Clinton to have been a great president.

Clinton also outdid Rove in drawing a packed house, even if some of those in the aud were longtime Clinton allies such as Vernon Jordan.

Clinton remains a master orator and compulsive talker — moderator and Time Inc. editor in chief Norm Pearlstine found it nearly impossible to get in any questions during the hourlong interview.

As for the $64,000 question — will Sen. Hillary Rodham Clinton make a run for the White House in 2008 –Clinton said: “I honestly don’t know. Right now she is focused on her 2006 senatorial race.”