Yes, it is very clumsy now. And yes, the before and after space can only be
input as points.
Don't shoot the messenger. I hate it, too. I think that in the quest to make
everything consistent between Office apps, Microsoft really screwed up some
stuff -- and this is definitely one of them. We got Word's paragraph dialog,
and it's just not appropriate for PowerPoint.
Please post a suggestion that this be changed. If enough people vote on that
suggestion, perhaps Microsoft will see fit to change it.

Signature
Echo S [MS PPT MVP] http://www.echosvoice.com
What's new in PowerPoint 2007? http://www.echosvoice.com/2007.htm
Fixing PowerPoint Annoyances
http://www.oreilly.com/catalog/powerpointannoy/index.html
PPTLive! Oct 28-31, New Orleans http://www.pptlive.com
> How do I change line spacing between paragraphs in PowerPoint 2007? This
> used to be a very easy thing to do the older versions of PowerPoint. The
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> which is extremely clumsy. The older version allowed me to specify it as
> fractions of the line spacing. Is that feature gone?