I had some old slides in Mac PPT 2004 format that I wanted to put into a new Keynote 2008 presentation. The initial ppt file was about 3 megabytes, but when I opened it with Keynote it blew up to something like 400 megs. Turns out there were a bunch of relatively small images that were being blown up to 15 MB tiff files in the translation. The solution was to open the original file in Mac PPT 2008, and save as .pptx format with image compression turned on (High Quality). Then, open that file in Mac PPT 2008 again, and resave a further time back in .ppt format. Finally, open that .ppt file in Keynote, and the converted presentation should be of reasonable size (mine was 5 MB). YMMV.
Converting Mac PPT 2004 slides to Keynote without filesize blowup
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