Microsoft may of canned 1 VS 100 trapped on tape but for many people 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 they are now beta testing a fresh 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 at the same time. (Maybe a Full Tilt hat?)
Players play for experience points check here and chips in addition to their overall progress and bankroll is going to be saved between sessions. Full House Poker will likely feature a leaderboard so that you can compare your card shark skills in your buddies.
I think it might 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 on its way out yet, but I would not be surprised to determine it out by next Summer.