Files with .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.
A file with PPT extension represents PowerPoint file that consists of a collection of slides for displaying as SlideShow. It specifies the Binary File Format used by Microsoft PowerPoint 97-2003. A PPT file can contain several different types of information such as text, bulleted points, images, multimedia and other embedded OLE objects. Microsoft came up with newer file format for PowerPoint, known as PPTX, from 2007 onwards that is based on Office OpenXML and is different from this binary file format.
You can also convert ONE into many other file formats. Please see the complete list below.