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 at this time. Instead it appears to be they are passing it on a second go and so are now beta testing a different game show, Full House Poker, which features a layout of Hold'em called Texas Heat.
Avatars will probably be used to represent players revealed and will have unique tell signs. There will be new accessories for the avatar to sport at the same time. (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 will likely feature a leaderboard so you're able to compare your card shark skills in your buddies.
I think it may be a great incentive in the event 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 on its way out yet, but I would not be surprised to find out it more info out by next Summer.