Microsoft may of canned 1 VS 100 a few months ago but i am not saying that they have abadndoned live episodic games on Xbox Live yet. Instead seems like they are passing it on a second go and therefore are now beta testing a brand new game show, Full House Poker, which features a mode of Hold'em called Texas Heat.
Avatars are going to be used to represent players up for grabs and will have unique tell signs. There will be also new accessories to your avatar to sport also. (Maybe a Full Tilt hat?)
Players play for experience points and chips more info along with their overall progress and bankroll are going to be saved between sessions. Full House Poker can even feature a leaderboard to help you compare your card shark skills in your buddies.
I think it will be a great incentive in case you could win MS Points or XBLA games as prizes for going thus far in the tournament, that is just me wishful thinking...
No word on when exactly Full House Poker is resulting out yet, but I would not be surprised to view it out by next Summer.