In SEDU183 we recently were required to create a PowerPoint that we would use in the classroom. We were challenged to take a risk and try new features. I've used PowerPoint plenty in the past, but was unfamiliar with hyperlinking- so to hyperlink words to different pages in the presentation or to a youtube video was quite cool.
I do feel that PP is very time consuming. I think it's a great tool - but I would use it sparingly, I think. I certainly would not put all class notes onto slides... I would use it for an extra punch to get something across in a different way.
This project DID stretch my brain into "thinking like a teacher". I had a harder time coming up with WHAT to create, rather than just creating it... all in all - it was a good exercise :)