Microsoft may of canned 1 VS 100 a few months ago but that does not mean that they have abadndoned live episodic games on Xbox Live as of this time. Instead seems like they are doing it a second go and so are now beta testing a whole new 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 new more info accessories on your avatar to sport likewise. (Maybe a Full Tilt hat?)
Players play for experience points and chips as well as their overall progress and bankroll will probably be saved between sessions. Full House Poker will likely feature a leaderboard in order to 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 originating out yet, but I would not be surprised to find out it out by next Summer.