i use html, then any browser will do, even ie6 for most things. i use an rc script and awk to take an outline format such as - burble - more burble - even more burble with some other conventions to allow embedded code fragments. it's obviously easy to link to other things to allow diversions and connect to expanded information on the rare instances that anyone is awake enough to ask about them. the same script can generate a summary of the slides in troff as handouts.
since there are drawbacks to the powerpoint approach, even without cruft like clip art and transitions, i often simply write ordinary troff (-ms or -mpm), and then i can use pic, grap, eqn, tbl as needed.