A family of Microsoft presentation graphics products that offer tools for creating presentations and adding graphic effects like multimedia objects and special effects with text.
Sean, I'm looking into this problem and I wonder if you are typically docking with a second screen (other than your projector) before this happens? As in, did you undock, then connect to the projector?
I suspect that this is an issue related to screen scaling. Another way to test would be to log off or reboot before you connect to the projector and present. If the problem goes away, then we'll know what's happening.