We demonstrate coherent one-color photoassociation of a Bose-Einstein condensate, which results in Rabi oscillations between atomic and molecular condensates. We attain atom-molecule Rabi frequencies that are comparable to decoherence rates by drivin
g photoassociation of atoms in an $^{88}$Sr condensate to a weakly-bound level of the metastable $^{1}S_{0}+^{3}P_{1}$ molecular potential, which has a long lifetime and large Franck-Condon overlap integral with the ground scattering state. Transient shifts and broadenings of the excitation spectrum are clearly seen at short times, and they create an asymmetric excitation profile that only displays Rabi oscillations for blue detuning from resonance.
