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We re-examine the properties of the states produced by nondegenerate coherently stimulated parametric down-conversion wherein the signal and idler modes are seeded with coherent states of light and where the nonlinear crystal is driven by a strong classical field as described by the parametric approximation. The states produced are the two-mode squeezed coherent states defined with a specific ordering of operators, namely, the displacement operators of the two modes acting on the double vacuum state followed by the action of the two-mode squeeze operator representing the down-conversion process. Though mathematically equivalent to the reverse ordering of operators, but with different displacement parameters, the ordering we consider is closely related to what could most easily be implemented in the laboratory. The statistical properties of the state are studied with an emphasis on how they, and its average photon number, are affected by the various controllable phases, namely, those of the classical pump field of the two input coherent states. We then consider the multiphoton interference effects that arise if the two beams are overlapped on a 50:50 beam splitter, investigating the role of the phases in controlling the statistical properties of the output states. Finally, we study the prospects for the application of the states to quantum-optical interferometry to obtain sensitivities in phase-shift measurements beyond the standard quantum limit. [ABSTRACT FROM AUTHOR]