I know a lot of time has passed since this thread started, but for the benefit of any future readers, Susgod's method works beautifully.
I use Powerpoint 2007, so had to download a free add-on from Microsoft, but then saved as pdf and used Calibre to export that PDF as an epub. I was using all images resized to 453 x 661 px, and every page was just perfect.
Saved all sorts of problems I previously had, trying to use MS Word/MS Excel/Sigil/Calibre and various commercial offerings. This Powerpoint method was just so easy....
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