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 it seems they are doing it a second go and therefore are now beta testing a fresh game show, Full House Poker, which features a mode of Hold'em called Texas Heat.
Avatars are going to be used to represent players up for grabs and will have unique tell signs. There will be also new accessories to your avatar to sport also. (Maybe a Full Tilt hat?)
Players play poker rules quick for experience points and chips and overall progress and bankroll is going to be saved between sessions. Full House Poker will even feature a leaderboard so that you can compare your card shark skills in your buddies.
I think it could be a great incentive in case you could win MS Points or XBLA games as prizes for going until now in the tournament, that is just me wishful thinking...
No word on when exactly Full House Poker is resulting out yet, but I would not be surprised to determine it out by next Summer.