Based on this link, PowerPoint includes an option to export a PP document as a QuickTime movie - you select "PowerPoint Movie" as the export option.
This alone probably won't export the video as iPod or iPhone compatible, but if you can import and play the exported movie in iTunes, you can use the iTunes create iPod or iPhone version. With the video selected in iTunes, at the iTunes menu bar go to Advanced and select Create iPod or iPhone Version.
Other than this option which is free, I believe there are some paid utilities that provide for this, but I can't recommend one.
http://blogs.digitalmediaonlineinc.com/powerpoint2007/entry/20080102#5