This is incredibly cool. The use (and misuse) of PowerPoint is something that fascinates me; I have a collection of links in my buffer about the proper uses of PowerPoint. One of these days, I want to put together a workshop on the proper use (or not) of PowerPoint.
Pecha Kucha appears to be much like the notion of "inventions" in music: exercises that are primarily intended as exercises to teach one skills, not intended as public performances. I'm not sure that Pecha Kucha is the way to do formal presentations ... but I'm sorely tempted to make my students do their oral presentations in this format.
(For those of you I've just sent into panic ... no, I'm not going to do it this term.)