Chavez is not Castro yet. Hopefully he will never be. But I don't trust his democratic ideals.
Sure, he DID put into his new constitution the ability to remove a president before the end of the term, by a referendum. He was called on it, and complied, albeit reluctantly. He didn't have to put that clause in the constitution, I don't know of many countries that have it. But I'm still not convinced, there are too many bad vibes around him.
I would distinctly advise against 'holding his feet to the fire'. He should be treated as a democratically elected leader, we should be attentive towards transgressions of democratic principles, but we should also respect the right of the Venezolans to elect their own leaders.
Hopefully they will vote 'no' in the referendum. South America has had enough movements fixated on a particular leader. They need something that transcends into a mass movement, something that is not dependant on the judgement and good will of one individual.