Microsoft may of canned 1 VS 100 a few months ago but that does not mean that they have abadndoned live episodic games on Xbox Live yet. Instead it appears to be they are doing it 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 likely be used to represent players shared and will have unique tell signs. There will be new accessories to your avatar to sport also. (Maybe a Full Tilt hat?)
Players play for experience points and chips as well as their overall progress and bankroll are going to be saved between sessions. Full House Poker may also feature a leaderboard to help you compare your card shark skills for a buddies.
I think it might be a great incentive should you could win MS Points or XBLA games as prizes for going until 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 would not be surprised here to view it out by next Summer.