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For better video and audio quality:
ffmpeg -i INFILE -r 25 -f mpeg -vcodec mpeg1video -ar 48000 -b:v 5000k -b:a 128k -acodec mp2 -ar 44100 -ac 1 -y OUTFILE.mpg
Powerpoint 2013 on Windows 7 seems to be happy using the libx264 video codec and aac audio codec. If you give it mpg1/mpg2 it seems to do some conversion itself when you import it, but doesn't if you use x264/aac.
Adding -b:v 2500k increase the quality of generated movie.