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From You can make track changes in PPT 2010 but not in 2007. Suppose you have 2 presentations PPT A and PPT B where changes have been made in PPT B. Open PPT A and select Review tab, Compare. Select and open PPT B. The changes appear as Markup and a Reviewing pane appears on the right of the screen displaying PPT B as a slide or you can see the detailed changes. You can also hover over the pencils to see what's changed.
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The Next and Previous buttons are like in Word where you can navigate to each change and accept or decline the change or accept/decline all changes. In PPT 2007 you can only track inserted comments rather than compare any changes between 2 presentations. This also has similar answer but in more details.