From Most presentations aren't bullet proof by Seth Godin:

Bullets do not save time. Memos save time. Presentations aren't about the most concise exposition of facts, they are about changing minds.
Bullets are actually aggressive, they're gotchas lying in wait to be brought up later, either by an observer calling you out or a presenter reminding us he told us so.
Bullets do not make it easier to remember what's being said.
Bullets create tension about what the next bullet is going to say, instead of actually communicating your idea. When we see a bullet, we check it off and stop paying attention until the next one appears.
Bullets are almost always misused. If you have a finite number of points, each of which supports the other, one can imagine that they help us fit the puzzle together. But that's now how they're used, are they? Most people use them the way I'm using them now, as a disorderly almost random list.
You've already forgotten the second bullet, haven't you? That's because bullets don't naturally map to the way we process and remember ideas.
Without a doubt, bullets make it far easier to read your presentation to people in the room. For those with no time to practice or unable to say what's in their heart, bullets are perfect.

I'm one of the worst perpetrators of using bullets in this way, but Godin paints such an accurate picture. Presentations are about changing minds. I know I will be trying to use less and less in presentations.

When writing for a blog or copywriting, though, bullets help organize and convey information quicker. This is a great perspective and something worth thinking about in your own writing and presentations.