It does indeed feature single card multiplayer.
I can't comment on Texas Hold 'Em being a dud, since I'm not very familiar with the rules of it, but I will say that the billiards game is pretty dorky. You can only play standard 9-ball, and have to use the stylus to push the cue into the ball, which doesn't work very well in a precision game like billiards. On top of that, the ball mechanics seem fairly stiff and unrealistic.
A number of games are locked in the beginning (shogi, for example), which is kind of a bummer. You have to go through what they call "stamp mode", in which you play all the games (starting from the most basic, like Old Maid, and whatnot) against the CPU. If you win, you can proceed and unlock more games. To me, that seems a bit annoying, as this is supposed to be a pick-up and put-down sort of game, but fortunately most games are unlocked by default.
When you play against someone on your friends list, you can chat with them by drawing, a la pictochat. But if you're playing some randomly chosen opponent, you're limited to some pre-chosen messages (like "I'll do my best!" or "Nice game!").
I've been playing the chess game on it. When you touch a piece and drag it around, your opponent can see the piece floating around the screen, so make sure you don't "think out loud" and give away your plans!
The game has a few things that could have been done better, but I'd say this is definitely worth a purchase if you've got Wi-Fi (or even if you don't).