In PowerPoint 2007 -- and PowerPoint 2010 -- the animation effects are all located on the Animation tab in the Office ribbon. To make text fly in, you simply need to select the text and choose "Fly In ...

Rotate PowerPoint’s flip entrance for an unusual twist Insert a text box and enter the text. I used Tempus Sans ITC, 36 – I thought it looked a bit whimsical without being ornate.