No, it does not have a track changes feature like Word does.
The Sharepoint slide library thing basically allows you to upload your
slides to a slide library and then be notified if your copy or the one on
the SP site gets updated so you know you always have the latest version of
the slide.
I am not 100% positive of this, but I believe in order to get this
particular feature, you'd need to be using Office Ultimate (retail license)
or Office Enterprise or Office Professional Plus (both of which are volume
licenses only) in addition to the Sharepoint site with Microsoft Office
Something Something (MOSS -- Microsoft Office Sharepoint Services, maybe?)
installed.

Signature
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/
> Everything I read talks all about how Powerpoint 2007 has this great
> feature
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> editors and writers are going to revolt if this feature isn't included.
> Anyone know? Have some suggestions?