Microsoft may of canned 1 VS 100 trapped on tape but i am not saying that they have abandoned live episodic games on Xbox Live yet. Instead seems like they are doing it a second go and so are now beta testing a whole 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 also new accessories to your 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 are going to be saved between sessions. Full House Poker can even feature a leaderboard to help you compare your card shark skills for your buddies.
I think it will be a great incentive when you could win MS Points or XBLA games as prizes for going thus far in the tournament, but that is just me wishful here thinking...
No word on when exactly Full House Poker is originating out yet, but I would not be surprised to find out it out by next Summer.