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 yet. Instead seems like they are passing it on a second go and are also now beta testing a different game show, Full House Poker, which features a topic 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 also 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 sessions. Full House Poker will even feature a leaderboard so you're able to compare your card shark read more skills on your buddies.
I think it may be a great incentive when you could win MS Points or XBLA games as prizes for going thus far in the tournament, but that is just me wishful thinking...
No word on when exactly Full House Poker is arriving out yet, but I would not be surprised to discover it out by next Summer.