JPEG is a high-compression, lossy codec for stills.
WMV is a high-compression, lossy codec for video.
In other words, you are losing a lot of color and detail to compression.
WMV also changes the colorspace in some weird ways known mostly only to Microsoft. I have often encountered the light blacks you experienced.
Try this workflow:
Save your powerpoint stills as .png, if possible.
Render your project as AVC .mp4 (it will play back in VLC or Quicktime).
The quality will be much better.
Another alternative, although I haven't used it much, is the Moyea Powerpoint to Video Converter. It occasionally shows up free on http://www.giveawayoftheday.com/
I find that an extra sRGB to cRGB corrector (which looks oversaturated on preview) will somewhat undo most of the apparent damage that happens when you render to .wmv. I dislike .wmv format though and only use it if I can't talk whoever wants it out of it.