Just like the videos, PPT 2010 supports a whole host of audio formats and embeds them all! Take a look at the audio formats supported (Yes, all flavors of quicktime, .mp3 and more are supported!):

PowerPoints backoffice also recognizes when audio files have been inserted and offers conversion and optimization options.

– Optimize Media Compatability: converts audio files to Microsoft’s preferred/native format, .wma.
– Reduce The Size of Media Files: will convert (same as above) and also offer a range of compression levels.
In this sample I inserted a 7.5MB .m4a and converted to a .wma at the highest quality (presentation) to have a 100k audio file embedded – without any noticeable quality difference.

– Troy @ TLC