I bought a bucket of Latex-ite's Asphalt Trowel repair goo. It's effectively asphalt mixed with a lot of water, so you can trowel it into holes in asphalt, and then it hardens as the water evaporates. It looks and feels like chocolate frosting with a bit of grit in it, and applies to a road surface much like frosting a pretty solid cake, but you don't want to lick it off your fingers.
It won't work for the problem with the reground asphalt, because it won't stick to the asphalt/rock mixture that is the part of the telescope observatory apron that isn't solid. I think the solution for this is to remove as many of the rocks as I can, tamp Cold Patch onto it until it is pretty solid, then apply asphalt sealant on top.
UPDATE: I drove past some of the patches that I made with the trowel repair goo--they look really, really good. They look like someone applied hot asphalt to them--smooth and beautiful.