Microsoft may of canned 1 VS 100 captured but for many people that they have abandoned live episodic games on Xbox Live as of this time. Instead it seems like they are creating a second go and therefore are now beta testing a brand new game show, Full House Poker, which features a layout of Hold'em called Texas Heat.
Avatars are going to be used to represent players up for grabs and will have unique tell signs. There will be new accessories to your avatar to sport at the same time. (Maybe a Full Tilt hat?)
Players play for experience get more info points and chips and overall progress and bankroll is going to be saved between sessions. Full House Poker will even feature a leaderboard so that you can compare your card shark skills in 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, that is just me wishful thinking...
No word on when exactly Full House Poker is resulting out yet, but I may not be surprised to find out it out by next Summer.