It's basically a trivia game show, except instead of having to go somewhere, you can participate through Xbox Live. Long in short, one person is selected to answer a question and they are against 100 others. If they win, they get Microsoft Points (Xbox live equivalent of money) that they can use to purchase game add-ons and other media like movies and stuff from the Xbox marketplace.
Personally, I think the whole concept of having an "online" game show is a pretty neat idea. Not only can you reach a large audience worldwide over the internet, but it provides a huge new frontier for advertising companies. Just imagine: instead of reaching a couple million households in the US with a 30-second spot during "Deal or No Deal," any company can basically sponsor and pay for advertising spaceon the show background. I could write a whole paper on this, but I'll stop. I doubt anybody really cares :P