Microsoft may of canned 1 VS 100 recording but that does not mean that they have abadndoned live episodic games on Xbox Live at this time. Instead seems like they are passing on a second go and are also now beta testing a whole new game show, Full House Poker, which features a mode of Hold'em called Texas Heat.
Avatars will probably be used to represent players up for grabs and will have unique tell signs. There will also be new accessories on your avatar to sport too. (Maybe a Full Tilt hat?)
Players play for experience points and chips along with their overall progress and bankroll are going to be saved between sessions. Full House Poker can even feature a leaderboard in order to compare your card shark skills for your buddies.
I think it may be a great incentive in case you could win MS Points or XBLA games as prizes for going up to now in the tournament, that get more info is just me wishful thinking...
No word on when exactly Full House Poker is on its way out yet, but I would not be surprised to discover it out by next Summer.