My experience is not directly with Power Point, but I've actually rolled my own WordML (XML) generator. It a) removed all dependencies on Word, b) was very fast c) and let me build up documents from scratch.
But it was a lot of work to create. And I was only creating a write only implementation.
I'm not as familiar with Power Point, so this is conjecture, but you may be able to roll your own by reading XML (Power Point 2003??) and/or cracking the Office Open XML file (zipped XML), then using XPath to manipulate the data, and then saving everything back to disk.
This won't work on older OLE Compound Document based Power Point files though.