I've carried out tests and had success with 2 different Macs as follows:
1) iMac (late 2009, i7, 16GB RAM) running OS X 10.8.3
- Office 2011 14.1.0 installed initially
- every MS update has been installed automatically from 14.1.0 to new 14.3.4
- updates 14.3.0 to 14.3.3 all had PowerPoint problem, 14.3.4 fixes it
- checked a 32 min and a 42 min presentation in Presenter View mode, both worked OK
- fixed PowerPoint, OK for general use
2) MacBook (late 2008, Aluminium, Core 2 Duo, 8GB RAM) running OS X 10.8.3:
- Office 2011 14.1.0 installed initially
- every MS update has been installed automatically from 14.1.0 to 14.3.2
- discovered PowerPoint problem
- deleted Microsoft Office 2011 folder from Applications folder
- fresh install of Office 2011 14.1.0
- manual update to 14.2.3 using single updater
- PowerPoint problem fixed
- manual update to 14.3.4 using new single updater
- checked a 32 min presentation in Presenter View mode, worked OK
- fixed PowerPoint, OK for general use
So as far as I can tell, updating from a currently non-working 14.3.x and updating a rolled-back 14.2.3 both seem to produce a fixed PowerPoint. On this basis I'm recommending the latest update to friends and customers!