UPDATE - February 13, 2015: KB2920732 has now been pulled.
If you noticed a major issue with PowerPoint 2013 after installing the latest round of Office updates supplied through Patch Tuesday, you're not alone.
The culprit, KB2920732, is an update specifically for PowerPoint 2013. Ironically, the update was intended to improve stability, reliability, and usability. However, after installation, many Office 2013 users are being confronted with a litany of error messages and then nothing. PowerPoint will simply not start.
The problem exhibits itself for Office RT users. For those using a Surface RT or Surface 2, PowerPoint is completely broken.
The KB article has since been updated stating that the update has been pulled and is under investigation.
This update is currently unavailable. It is being revised to address an issue that is under investigation. The update will be restored when the issue is resolved.
After a relatively quiet month in January, Microsoft is once again faced with problem patches. February has been wrought with reported problems and pulled updates. One patch was pulled almost immediately due to computer lockups (and has now been re-released) and another is corrupting font display. Another as yet unconfirmed problem causes Internet Explorer to consume more memory and CPU, degrading computer performance and causing the fans on Surface Pro 3's to run constantly.