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 yet. Instead it appears to be they are doing it a second go and are also now beta testing a brand 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 revealed and will have unique tell signs. There will also be new accessories on your avatar to sport at the same time. (Maybe a Full Tilt hat?)
Players play for experience points and chips and overall progress poker rules two pair tie and bankroll are going to be saved between sessions. Full House Poker can even feature a leaderboard in order to compare your card shark skills in your buddies.
I think it might be a great incentive when 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 arriving out yet, but I would not be surprised to determine it out by next Summer.