File represented by .ONE extension are created by Microsoft OneNote application. OneNote lets you gather information using the application as if you are using your draftpad for taking notes. OneNote files can contain different elements that can be placed at non-fixed locations on document pages. These elements may contain text, digitized handwriting, and objects copied from other applications including images, drawings and multimedia (audio/video) clips.
PPS, PowerPoint Slide Show, files are created using Microsoft PowerPoint for Slide Show purpose. PPS file reading and creation is supported by Microsoft PowerPoint 97-2003. The more latest version of this file format is PPSX which is based on Office OpenXML standards. PPS files can still be read by latest versions of Microsoft PowerPoint, but newly created files can only be saved in PPSX file format. When a PPS file is shared with another user and opened, it starts as Powerpoint show unlike PPT file which opens in editable mode.
You can also convert ONE into many other file formats. Please see the complete list below.