A recent article in the New York Times on the pervasive use of PowerPoint
in the U.S. military notes its dubious value as a way to convey
information. The key part:

Commanders say that the slides impart less information than a
five-page paper can hold, and that they relieve the briefer of the
need to polish writing to convey an analytic, persuasive point.
Imagine lawyers presenting arguments before the Supreme Court in
slides instead of legal briefs.

In my experience, PowerPoint (and other presentation software) can be
used to great effect but it does not replace critical thought on what
it is you are trying to say. In other words, bullet points do not
automatically clarify things. PowerPoint is used extensively where I
work and it seems to have become the de facto way to issue a memo.
From where I sit, it's been a total disaster.