Microsoft may of canned 1 VS 100 recording but i am not saying that they have abadndoned live episodic games on Xbox Live as of this time. Instead it appears to be they are passing it on a second go and are also now beta testing a brand new game show, Full House Poker, which features a mode of Hold'em called Texas Heat.
Avatars are going to be used to represent players available and will have unique tell signs. There will also be new accessories for the avatar to sport at the same time. (Maybe a Full Tilt hat?)
Players play for experience points and chips and overall progress and bankroll is going to be saved between sessions. Full House Poker will likely feature a leaderboard so you're able to compare your card shark skills for your buddies.
I think it will be a great incentive in case you could win MS Points or XBLA games as prizes for going thus far in the tournament, but that is just bola me wishful thinking...
No word on when exactly Full House Poker is on its way out yet, but I may not be surprised to determine it out by next Summer.