(I'm taking back my previous answer.)
PowerPoint for Mac (2011) doesn't retain the vector format of a placed PDF file, but it does keep the vector elements of a .WMF file, Windows Metafile, which is Microsoft's own portable graphics format to contain bitmap elements and vector elements.
So, to keep the vector-format element, you will need to convert the PDF file to WMF. For OS X, there are commercially sold tools to do this. There are also free online services that do this. On the Windows platform, this seems less of a hassle.
Using vector graphics applications:
• Adobe Illustrator can export to the WMF format, so if at hand, open the PDF file in AI and choose File > Export…, then choose "Windows Metafile wmf" from the format selection in the dialog box.
• The open-source vector editor Inkscape can also export to the WMF format, and placing graphics created in Inkscape seems to work. But if it comes importing and exporting existing PDFs, Inkscape is fickle and throws some error message, with the resulting file not working in PP.
Wikipedia has a comparison of vector graphics applications with their export formats.
If this is all too much trouble and you want to keep at least a high-resolution bitmap image, the best workaround is to convert the PDF into a high-ppi image yourself, e.g., by opening and exporting the PDF as PNG or TIFF in Preview or from the original creator software.
After placing the image, it's important to adjust PowerPoint's automatic image compression setting before you save the presentation: Choose File > Reduce File Size, and in the dialog box select "Keep Current Resolution"from the drop-down menu.