Besides multiple masters, PowerPoint 2007 also has a set of layouts attached to each master.
While PowerPoint has had multiple masters for several versions, now there is more versatility with a set of layouts connected to each Slide Master. You can see the full range of layouts with each master in the left panel of the Slide Master ribbon. This gives you the opportunity to use different formats within the various layouts, and (re)apply them to slides for fast formatting, but only effect changes in specific layouts. PowerPoint 2007 also has a new set of layouts in the Home tab to apply to slides.
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