Your humble blogger has had great fun at Hugo Chavez's expense for quite some time. So in the aftermath of his first electoral defeat in a long while, it's worth concurring with something that Time's Time Padgett points out:

[J]ust as important [as the referendum's defeat] was Chavez's concession. The opposition "won this victory for themselves," he admitted in a voice whose subdued calm was in contrast to his frequently aggressive political speeches. "My sincere recommendation is that they learn how to handle it." Despite his authoritarian bent, Chavez (whose current and apparently last term ends in 2012) had always insisted he was a democrat — that he was, in fact, forging "a more genuine democracy" in a nation that had in many ways been a sham democracy typical of a number of Latin American countries. His presidential election victories — in 1998, 2000 and 2006, as well as his victory over an attempt to recall him in a 2004 referendum — were all recognized by credible international observers; and that conferred on him a democratic legitimacy that helped blunt accusations by his enemies, especially the U.S., that he was a would-be dictator in the mold of Fidel Castro.

In the end it was a cachet that, fortunately, he knew he couldn't forfeit. As a result, the referendum result will resonate far beyond Venezuela. Latin Americans in general have grown disillusioned by democratic institutions — particularly their failure to solve the region's gaping inequality and frightening insecurity — and many observers fear that Latin Americans, as they so often have in their history, are again willing to give leaders like Chavez inordinate, and inordinately protracted, powers. Chavez, critics complained, was in fact leading a trend of what some called "democratators" — democratically elected dictators. His allies in Bolivia and Ecuador, for example, are hammering out new Constitutions that may give them unlimited presidential re-election. The fact that Venezuelans this morning resisted that urge — and that Chavez so maturely backed off himself when he saw it — may give other countries pause for thought as well. It could even revive the oft-ridiculed notion that this might after all be the century of the Americas.