It seems the Shift-click slow-motion effect was carried into Keynote '09.
Shift-click the 'Skip' button in the Keynote icon toolbar and the selected slide in the thumbnail list will slowly flatten out and fold down.
[crarko adds: I tested this, and it works as described. It's a nice little touch. I had to manually add the 'Skip' button to the Keynote toolbar, which you do by going to View » Customize Toolbar….]
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