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 yet. Instead it seems like they are passing on a second go and so are now beta testing a whole new game show, Full House Poker, which features a layout of Hold'em called Texas Heat.
Avatars will probably be used to represent players shared and will have unique tell signs. There will also be new accessories to your avatar to sport at the same time. (Maybe a Full Tilt hat?)
Players play for experience points and chips here as well as their overall progress and bankroll will probably be saved between sessions. Full House Poker will likely feature a leaderboard so you're able 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, 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.