Unfortunately there's not a way to set the default paste behavior in PPT
2007. (Or in the previous versions, for that matter.) Maybe if we keep
asking, Microsoft will finally listen by about version 20. <sigh>
You should get a little paste icon when you paste that you can click and
choose "keep source formatting," though.
Also, you can use the new shortcut Ctrl+Alt+V to Paste Special in PPT 2007.
(I know, none of these is ideal. Don't shoot the messenger!)
Interesting, though -- a regular paste maintains the font face, size, and
color here. Hm... Oh, I see. If I paste into a textbox, it doesn't. If I
just paste willy-nilly, it does.

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Echo [MS PPT MVP] http://www.echosvoice.com
What's new in PPT 2007? http://www.echosvoice.com/2007.htm
Fixing PowerPoint Annoyances http://www.oreilly.com/catalog/powerpointannoy/
> When I copy text from MSWord 2007 and paste into PPT 2007, the text looses
> its formatting (font and color) unless I select Paste Special/Formatted
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>
> Thanks...LCH3