Powerpoint (or Keynote if you're using a Mac) is certainly not archaic. In fact, we require all of our students to develop and present such a presentation at some point each school year. Other great tools include the creation of a wiki or a web quest. The format of the project really depends on the content that you're trying to have students master and the type and availability of technology you have at your disposal.
I have had great success using powerpoint as an instructional tool, whether I use it to present information to the class or whether I have students create their own and present their findings.