Here's our Microsoft Office Tip for.. October 14, 2002
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Outline View Speed Keys
PowerPoint gives you all the outline formatting control you need via its many menu and toolbar choices, but in our experience, most people who use the Outliner in PowerPoint are serious typists. They like to do it all from the keyboard whenever possible. And is it ever possible to really work the Outliner hard without ever moving your hands off the home keys!
To demote a paragraph, press Alt-Shift-Left Arrow.
To promote a paragraph, press Alt-Shift-Right Arrow.
Similarly, you can move selected paragraphs up/down with Alt-Shift-Up Arrow/Down Arrow. (You can use these two key combinations when you're working with bulleted text in Slide view as well.)
Press Alt-Shift-1 (the number "one", not the letter "l") to collapse the outline to the first heading level--in other words, to view just the slide titles without any slide text for a quick overview of your presentation.
Alt-Shift-Plus Sign (+) expands the text beneath the current heading, and Alt-Shift-Minus Sign (-) collapses it again. Alt-Shift-A expands the outline to show all heading levels.
Finally, if you prefer to see the outline text without formatting, press the Slash key (/) on the numeric keypad to toggle formatting off and on.