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 as of this time. Instead it seems like they are passing it on a second go and they are now beta testing a whole new game show, Full House Poker, which features a method 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 on your avatar to sport at the same time. (Maybe a Full Tilt hat?)
Players play for experience points and chips along with their overall progress and bankroll are going to be saved between sessions. Full House Poker may also feature a leaderboard so that you can compare your bola card shark skills on your buddies.
I think it could be a great incentive in case 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 on its way out yet, but I would not be surprised to view it out by next Summer.