After installing PowerPoint 2007 I noticed that the Macro Recorder tool was missing. Recently, while researching another annoyance of the PPT07 release I discovered that the Macro Recorder is still there, just hidden!
To start recording, just use the keyboard shotcuts: Alt+T -> M -> R
To stop recording: Do the same.
(Note: This shortcut is for an English version of Powerpoint 2007)