According to an interview with Google CEO, the company is about to add a “presentation” component to the document and sheetsheet capability already in the mix.
I would think the Google Presenter will be compatible with PowerPoint. If someone cannot import an existing presentation from PowerPoint, the Google application will not be attractive to users with scores of presentations already in the can.
I am interested to see how the presentation mode works. The application will need to escape the browser, otherwise ever presentation will have the browser edges.
I understand the cost of Microsoft Office is unreasonable for many people. For me (and all my students at UF) it costs $12 through our MS campus agreement. At that price, another suite will have to be incredible before I can even think about switching.