An excellent writeup above

Except for the section entitled Hold it right there. There are some very useful features in the animations that you'll want to use. Here's some things you might want to show, and how to use PowerPoint to get your point across effectively..

Demonstrating a sequence of events
Here, you'll want to use the "xx:xx seconds after last animation." These are very useful, for example, when showing the effects of a denial of service attack, by having floods of packets continuously appearing on your screen. Rehearse this. There's nothing worse than finishing your spiel and having ten seconds of delay while animations flash across your screen.
Showing workflow
You may want to group some objects together (arrows & text boxes come to mind),, and set them to animate in via the wipe method - in the direction of the arrow, of course. If you have a workflow with multiple flows across the same space, have the groups Dim on next mouse click.
You'll want to have an ending slide. Later versions of Powerpoint automatically append a black slide entitled "End of slide show" when in slide show mode, but having your own (on your normal background!} That says Questions? or Comments or Summary looks a tad more professional.

In a perfect world, you have either a wireless mouse, or someone who has rehearsed with you to advance your slides. If you have an assistant, the worst thing to do is say, "Next slide." Rehearse with them. Use eye contact, or a gesture, to signal slide advances.