NXPowerLite has released version 2.1 of their PowerPoint optimizing program. I have spoken with the guys at NXPowerLite for the past few years and earlier this year I tested version 2.0. On that version I noted that almost my entire wishlist had been incorporated! Most notable is support for .png with transparency images. Now v2.1 overcomes CMYK problems and a few other fixes.
I highly recomend it as a solution for oversized presentation files. Get it here.
Troy @ TLC