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