I say all that to basically explain that it's unlikely he will collapse any time soon.
He's certainly a populist leader, which I find personally distasteful. And he has little respect for free speech or democracy, which is even worse (from my POV). But I think we're also understanding that the "western model" isn't that great either (articles of evidence: (1) the recent financial fiasco; (2) China).
[Edit: I feel I am not really contributing much except uncertainty here. So here's a more decisive take: the biggest problem facing S American politics is, in my opinion, corruption. The kind of approach that Chavez uses encourages corruption and so should be resisted. On the other hand - more uncertainty - most alternatives (particularly military law - this is a big lesson from Chile) also encourage corruption. And, wow, downvoted already... some passive aggressive cunt who hasn't bothered to explain why. What a surprise...]