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.
I believe you're referring to the ability to create a font theme. This is the clearest evidence that Microsoft purposely hobbles the Mac version of PowerPoint, since a font theme is a simple text file. There's no technical reason why they can program it in, they just won't.
Fortunately, you can create one yourself. If you're careful, you can use TextEdit, but the free version of BBEdit makes it easier to get right.Here's my how-to article: OOXML Hacking: Font Themes