Having updated today to Lion, one of the first things I then did was check Software Update. There ready to be downloaded was a 96MB update to Keynote 09. No, not a new Keynote, just an update for Lion feature compatibility including auto save, full screen, resume and soon to come, iCloud features.
But hidden inside keynote are two builds which we have seen demoed in recent Apple Keynotes.
One build in features an image or word dropping and kicking up dust, which Keynote calls “Anvil”; and the second is a build out for text only, which is referred to as “Fall Apart”, where the word’s letters seems to individually break away from the main word and fall. We saw this effect when Steve Jobs first showed the iPad 1 in January 2010 and contrasted it with the current crop of netbooks. The Anvil drop has since been once of the most used builds in subsequent Apple keynotes.
A cursory look through Keynote’s transitions shows nothing new, and layout of the inspector and thus feature set is still Keynote 09.
The waiting for Keynote X or 11 continues…
Les Posen's Presentation Magic 
Les,
Although I have not upgraded to Lion, I found that you can still upgrade to this version of Keynote with Snow Leopard! I found the transitions you mentioned. I also found in the text inspector a checkbox for making text shrink for spacing. So this is a new addition!
I located the “Spacing – Automatically Shrink text” tick box, but can’t see how to bring it into action. Did you?
Les,
I have not try to use it yet. I was right in the middle of project I have been working on for the past three weeks. I will try it later tonight and let you know if I have any success.
To bring it into action, all you need to do is shrink the box. The text will then automatically shrink proportionally…
Ah, good! There have been a number of times this would have come in handy and saved a few clicks.
I find automatic word and line spacing and font size adjustments to be one of the worst things about PowerPoint — they can completely ruin a carefully-designed template. Has Apple made it work well? I’m dubious, and glad it’s optional in Keynote.
Will have to try it out and see. Ta.
It’s also optional in Powerpoint. As with most features in both PPT and KN, depending on the layout and when used wisely and with restraint, it can come in quite handy.
Thanks for the update, Les.
I don’t have Lion yet, but am looking forward to it after I trade up the apps that won’t work on it.
The updated KN has no “save as” now, making it difficult if you want to save the current presentation in a new file name.
Duplicate the presentation, then Save, renaming it…