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