This same problem seems to pop up for many reasons. It is definitely a Windows Vista, and potentially Windows 7, issue. But it effects all versions of PowerPoint. It recently came up again on some of my computers after some Microsoft updates.

The problem is clicking on any object (text box, shape, image, chart, etc) and it jumps slightly. Very annoying.

The solution is (re)setting one of the application options.
1. Locate the actual PowerPoint .exe file. For Vista/Windows 7 it will be here:
c: >> Program Files >> Microsoft Office >> Office12

2. Right-click and open the PROPERTIES

3. Go the the COMPATIBILITY TAB and be sure the DISABLE DESKTOP COMPOSITION is checked.

Run PowerPoint and all should be resolved!

– Troy @ TLC