Microsoft may of canned 1 VS 100 a few months ago but for many people that they have abandoned live episodic games on Xbox Live yet. Instead it seems like they are creating a second go and so are now beta testing a whole new game show, Full House Poker, which features a mode of Hold'em called Texas Heat.
Avatars will likely be used to represent players up for grabs and will have unique tell signs. There will be new accessories to your avatar to sport too. (Maybe a Full Tilt here hat?)
Players play for experience points and chips and overall progress and bankroll will likely be saved between sessions. Full House Poker will likely feature a leaderboard to help you compare your card shark skills on your buddies.
I think it will be a great incentive should you could win MS Points or XBLA games as prizes for going up to now in the tournament, but that is just me wishful thinking...
No word on when exactly Full House Poker is resulting out yet, but I may not be surprised to find out it out by next Summer.