Mike Arrington of TechCrunch seems to have found evidence that Google are working on a presentation application. He has downloaded a file with information which indeed looks like as it was part of a new application.
A presentation application would certainly make sense as Google has already a word processor and spreadsheet application bundled in Docs & Spreadsheets.
Well, the info is not confirmed yet and it makes me wonder that some developers would store info of a new application accessible on the net. The file has been removed from Docs & Spreadsheets already, by the way.

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