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 it seems like they are doing it a second go and therefore are now beta testing a fresh game show, Full House Poker, which features a layout of Hold'em called Texas Heat.
Avatars is going to be used to represent players available and will have unique tell signs. There will be new accessories on your avatar to sport likewise. (Maybe a Full Tilt hat?)
Players play for experience points and chips as well as their here overall progress and bankroll is going to be saved between sessions. Full House Poker may also feature a leaderboard in order to compare your card shark skills for a 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 find out it out by next Summer.