PowerPoint Live is a way to share content in a Teams meeting which enables you to see your notes, slides and the audience while you present.
To use the PowerPoint Live features in a Teams meeting, click on the share button and scroll down to see the recent PowerPoints you have been working on.

This will give you a full view of your slides, notes and participants all in one screen:

Presenter Mode
A new feature is the ability to use Presenter mode in the from PowerPoint Live by click on the presenter mode icon:

Translate slides
PowerPoint live enables you to translate your slides into a different language during the Teams meeting. Click on the 3 dots under your slides, translate, then choose the language. This will change the language on your slides.

Turn slides into high contrast
You can choose a high-contrast mode privately on your own device to suit your own needs and enhance the experience.

Draw & Highlight your slides
There have been a pen, laser, highlighter and rubber so you can draw and annotate slides as you present them:

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