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 as of this time. Instead it appears to be they are passing on a second go and so are now beta testing a whole new game show, Full House Poker, which features a topic of Hold'em called Texas Heat.
Avatars will probably be used to represent players shared and will have unique tell signs. There will also be new accessories for ones avatar to sport too. (Maybe a Full Tilt hat?)
Players play for experience points and chips as well as their overall progress and bankroll will probably be saved between sessions. Full House Poker will likely feature a leaderboard so you're able to compare your card shark skills on your buddies.
I think it might be a great incentive in the event you could win MS Points or XBLA games as prizes for going up to now in the tournament, but that is read more 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 discover it out by next Summer.