Microsoft may of canned 1 VS 100 a few months ago 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 on 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 will likely be used to represent players revealed and will have unique tell signs. There will be also new accessories for the avatar to sport also. (Maybe a Full Tilt hat?)
Players play for experience points and chips along with their overall progress and bankroll will likely be saved between sessions. Full House Poker can even feature a leaderboard to help you compare your card shark skills for your buddies.
I think it read more might 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 arriving out yet, but I couldn't survive surprised to view it out by next Summer.