Google has admitted that they are planning to add new member for Google Docs application, which is an online Office suite, designed as an alternative when you don't have Microsoft Office or OpenOffice.org installed (probably at your friend's new computer). Currently, they only provide Word Processors and Spreadsheets application, but soon they will add a presentation application, suitable for Power Point alternative. As usual, Google will try to be as compatible with other formats, such as PPT (MS Office's Format) and probably ODP (OOo 2.x format) and SXI (OOo 1.x format).
Google will make use of Tonic System, which they've just acquired. Tonic System is based in San Francisco and Melbourne, Australia. They have some great technology for presentation creation and document conversion, and it will be a great partner for Google to make their new application for their Google Docs product. They are planning to release it this summer. Let's hear more news from Google few months again.