Microsoft may of canned 1 VS 100 captured but for many people that they have abadndoned live episodic games on Xbox Live yet. Instead it appears to be they are creating 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 likely be used to represent players revealed and will have unique tell signs. There will be also new accessories to your avatar to sport also. (Maybe a Full Tilt hat?)
Players play for experience points and chips and overall progress and bankroll are going to be saved between sessions. Full House more info Poker will even feature a leaderboard to help you 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 up to now in the tournament, 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 find out it out by next Summer.