in previous versions you used to be able to fix the pointer and move the text
box relative.. This capability has appears to have diasappeared in version
2007..

Am I alone in finding the lack of this very useful feature a backward step
or am I missin something?

Why ask in a discussion group for the .NET Framework? Try this to find an
appropriate PowerPoint discussion group.

http://www.microsoft.com/communities/newsgroups/en-us/

In the tree on the left, open English, then open Office and Desktop
Applications. In the Office and Desktop Applications
subcategory, find and open the PowerPoint subcategory. Find a group there
for
your question.