I didn't think compatibility mode was enable/disable option. I have been in the preferences and reviewed the compatibility options and even set them back to default for Word 2011.

The issue occurs whether I double click on it or open it from within Word. Word is definitely the app that is opening the doc.

In playing around with it I have also noticed that some pptx exhibit the same behavior but not all. In addition, in the preview (such as when looking at the doc's info ⌘-i) pane, the document looks just as it should however when it is fully opened within Word there is no text (same as described above). Weird...

Thanks for the reply.