Microsoft may of canned 1 VS 100 recording but i am not saying that they have abadndoned live episodic games on Xbox Live as of this time. Instead it seems like they are passing it on a second go and are also now beta testing a brand 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 also be new accessories for the avatar to sport also. (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 could be a great incentive when you could win MS Points or XBLA games as prizes for going to date in more info the tournament, but that is just me wishful thinking...
No word on when exactly Full House Poker is resulting out yet, but I may not be surprised to find out it out by next Summer.