If you didn't know, you can get their game for free. It has a 9 player texas holdem format. Games come together quickly, but I do get some lag from time to time.
I've only been playing it for a few days, so I don't know if there are any tournaments bigger than just your standard 9 man tournament. There is a ranking system though.
I beat a guy in the top 10 ranking the other day and he was cussing up a storm in chat about how I play like a pussy.