Microsoft may of canned 1 VS 100 recording but i am not saying that they have abandoned live episodic games on Xbox Live as of this time. Instead it seems they are passing it on a second go and so are now beta testing a whole new game show, Full House Poker, which features a method of Hold'em called Texas Heat.
Avatars will probably be used to represent players available and will have unique tell signs. There will be also new accessories for ones 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 will likely feature a leaderboard so that you can compare your card shark skills for your buddies.
I think it may be a great incentive when 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 originating out yet, but I would not be surprised to here discover it out by next Summer.