No question Keynote is better. Although, Keynote does require a better understanding of the fundamentals of graphic design than Powerpoint. Also, Powerpoint menus work better on laptop size monitors. My biggest gripe is the font menu, which always seem to get in the way... why couldn't they have integrated into the inspector?
But as much as I like the program, it isn't viable in a Windows based corporate environment. Usually Powerpoint decks get written collaboratively, so the compatability features are nice in Keynote, but not particualrly useful when you've got a deck passing through many hands as you near deadline. I should mention that I work in corporate strategy, where we produce tons of Powerpoint... at least I can use a Mac :-)
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