If you want to be associated with being boring then by all means go ahead and use bulleted points for you PowerPoint presentation. This is because when the speaker uses bulleted points in their speech the audience will tend to focus on the presentation slides rather than the speaker, another reason is that the speaker will read off the slides rather than actually 'presenting'.
Studies have shown that text only presentations tend to impede in the reception of the intended information. It was found that people will respond more to both hearing spoken text that is combined with graphics while for the people that only heard spoken text alone will did not benefit much from it.
The following is simple shortcuts which you can use eliminate bulleted points in your slides. The first step is to open the presentation slide that contains the bulleted text in which you wish to remove. After that go to 'view' where you will be able to find the 'slide master', here you can start to remove the third and fifth level. The reason for this is because if you put too much outline levels for your presentation slide it will make the organization of the ideas rather confusing, thus defeating the purpose.
Choose 'format' and 'bullets and numbering' after you have selected the first two levels and in the 'bullets and numbering' dialog box select 'none' before you return to your presentation slides. However you are not done yet as the second line that wraps to the second line will be indented as if it was a bulleted text. To remedy this problem, make sure that you have the 'ruler' displayed, which you can see by clicking on 'view' and then 'ruler'.
Once you have done that, click the first level of text and then drag the hanging indent marker on the grid area all the way to the left for the first level of text. Repeat the same step for the second level of text. Now close the master view on the slide master view toolbar to see the results.
If you feel that your audience are unable to differentiate the text without the bulleted points, then a method which you can use overcome this problem is to alternate the colour of the text for each of the points that you wish to present. As mentioned words will not be enough to get your message across so you can use other methods such as diagrams or organization chart. PowerPoint 2002 and 2003 have such features which you can utilize to your advantage, as for PowerPoint 2007 there is a feature that you can use called 'SmartArt' that can even instantly turn your bulleted text into diagrams.
All you will need to do is select the text which you intend to change and then click on the 'SmartArt Graphic' in the paragraph group of the home tab. You can even change the styles and resize the shapes of your graphics so that the elements are more cohesive with your overall design.