That's not the normal operation, as you've guessed. The Revisions task pane should open at the side of the screen and you should be popped to the slide that has the first variance between the 2 files.
These are .pptx files, I hope, the feature doesn't work correctly with .ppt format.
523 slides is quite a few, what is the file size? Your description sounds like PowerPoint is giving up before it gets through the whole presentation. As a diagnostic, can you load a small presentation, make a change, save it with another name and compare
it with the original? This will indicate whether the feature is working at all on your installation.