All the comments here about Kay's presentation media are missing a key point... Let's put aside any subjective assessment of whether or not the slides are good or bad. The more interesting thing is how they're made. They're made with a tool in the Squeak Smalltalk environment. I didn't watch this particular presentation but I've watched others Kay has done and the things he's doing with his slides simply aren't possible with PowerPoint or KeyNote.
My guess is he's being covertly meta about his presentations because he really never gets into any detail about the tech he's using to create his presentations.
Unfortunately, to my knowledge, the package he uses for his presentation is not openly available.