Problems with text wrap failing badly

Version: 2008
Operating System: Mac OS X 10.5 (Leopard)
Processor: intel

I'm having serious problems with text wrap in PowerPoint 2008.

I have a presentation that looks good in PowerPoint 2004, but bad in
PowerPoint 2008. I put images up online here:

 <http://pages.cs.wisc.edu/~roy/powerpoint_2008_problem/>

If you look at the second bullet point in the PowerPoint 2008 image, the
text is wrapped very poorly. It looks like this:

* Dozens to thousands of cheap(er)
  C
  PUs (such as SPARC)

In contrast, PowerPoint 2004 displayed it like this:

* Dozens to thousands of of cheap(er) CPUs
  (such as SPARC)

I would not be surprised if the text wrapping was slightly different, but
this was seriously disrupting, putting a C on a line by itself.

Other slides had similar problems. I tried changing font sizes, alignment,
and so forth, but failed to make the situation better. With different
settings it sometimes looked even worse.

I'm worried about my ability to use my laptop to show people's PowerPoint
presentations. Will it dramatically change the way people's presentations
appear on my computer? Is it a problem with the presentation? With
PowerPoint 2008?

Thanks,
-alain