Here's the official post:
http://googledocs.blogspot.com/2008/04/save-your-presentations-to-powerpoint.html

I've tested it and it worked perfect for me. They could have allow viewers of embedded player to download as .ppt from the menu. "Could have".

What is the main lacking feature, now? Spreadsheet & Pres. offline? Video in presentation? Chat in docs? Hey, it's almost a real office suite!

OH MY GOD! Thank you Google! This was about the only thing stopping me from using Prestentations!