Microsoft may of canned 1 VS 100 recording but that does not mean that they have abandoned live episodic games on Xbox Live at this time. Instead it seems like they are passing it on a second go and they are now beta testing a fresh game show, Full House Poker, which features a method of Hold'em called Texas Heat.
Avatars will probably be used to represent players revealed and will have unique tell signs. There will be also new accessories to 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 will likely be saved between sessions. Full House Poker may also feature a leaderboard so that you can compare your card shark skills for your buddies.
I think it could be a great incentive in case you could win MS Points or XBLA games as prizes for going bola until now 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 may not be surprised to find out it out by next Summer.