Microsoft may of canned 1 VS 100 captured but that does not mean that they have abandoned live episodic games on Xbox Live at this time. Instead seems like they are passing on a second go and therefore are now beta testing a brand new game show, Full House Poker, which features a method of Hold'em called Texas Heat.
Avatars is going to be used to represent players revealed and will have unique tell signs. There will also be new accessories for ones avatar to sport at the same time. (Maybe a Full Tilt hat?)
Players play for experience points and chips in addition to their overall progress and bankroll will likely be saved between sessions. Full House Poker may also feature a leaderboard so that you can compare your card shark skills in your buddies.
I think it will be a great incentive should you could win MS Points or XBLA games as prizes for going to date in the tournament, that is just me wishful thinking...
No word on when exactly Full House Poker is on its way out yet, here but I would not be surprised to discover it out by next Summer.