This feels like the most feature rich app. It's possible to create presentations, or upload your files and present them directly from the screen.
The ribbon has home, insert, transitions, slide show and review tabs. Under home and insert you're able to create as impressive presentations.
Text can be moved around the screen and images inserted with ease, just touch upon them to do so. Much like the desktop version there's a huge variety of transitions but here each is categorised as either "subtle" or "exciting". Transitions like checkerboard, origami, shred or Ferris Wheel are also available but not really suitable for business use.
A nice touch for iPad users in the presentation mode is the ability to draw over your own slides. Using the pen tool you can scribe all over your creations to highlight areas and make notes without leaving presentation mode.
Another addition is the laser pointer. Place your finger down on the screen and a red laser pointer light will appear to help you highlight objects in the presentation. You need to hold it down to keep the pointer there, which is awkward.
The main problem with PowerPoint is the lack of AirPlay functionality directly in the app. When presenting you want the ability to throw it straight up to a Wi-Fi connected screen or TV. But to do this you have to go out of your presentation and go to the AirPlay menu. Hopefully it's something Microsoft will make available in-app.