Microsoft may of canned 1 VS 100 trapped on tape but that does not mean that they have abandoned live episodic games on Xbox Live at this time. 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 method of Hold'em called Texas Heat.
Avatars will likely be used to represent players available and will have unique tell signs. There will also be new accessories for the avatar to sport too. (Maybe a Full Tilt hat?)
Players play for experience points and chips along with their overall progress and bankroll is going to be saved between more info sessions. Full House Poker can even feature a leaderboard to help you compare your card shark skills on your buddies.
I think it may be a great incentive should you could win MS Points or XBLA games as prizes for going to date in the tournament, but that is just me wishful thinking...
No word on when exactly Full House Poker is arriving out yet, but I couldn't survive surprised to view it out by next Summer.