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A note to the impatient: feel free to try out our online demos!
PowerML core is a free, 100% pure Java API which enables you to parse Microsoft PowerPoint files and generate documents containing parsed presentation data in an XML-based format, namely PowerML. Please take a look at the features supported by PowerML.
The documentation page provides you with a quick start guide, and an API and XML schema reference.
Being a component written in 100% pure Java, PowerML core can be integrated into stand-alone applications as well as into web applications running within application servers. Neither PowerPoint nor Windows is needed, just a Java 2 (or newer) runtime environment (standard edition).
Why should you want to convert a presentation to XML? For the same reasons why XML got so popular: readability, interoperability, and portability. The generated XML (PowerML)