Sheen, first, I can't send you images from the presentation, highly confidential. However, several observations:
First, the effect is random. It doesn't affect all images in the presentation. There can be good images next to bad ones on the same page.
Second, there is no correlation between images and before/after. E.g., images that were previously in the presentation can be good or bad in the PDF. It can be a very high resolution photo, Photoshop PNG or logo and can be good in the original PPT and bad
in the PDF. Can't see a correlation between image file type yet.
On one page there are screen capture shots off a phone that look great. Next to those is a product image that's more than 1024x768, scaled down here, and looks extremely compressed (blurry).
When saying 'compressed,' I don't mean that in the usual term such as when seeing JPG artifacts. The images simply look blurry. Now, it's possible that's through some form of compression, but just an observation that I'm not seeing the usual artifacts.