According to a Venezuelan immigrant that I indirectly know, the guy is quite a polarizing figure back in Venezuela. The Venezuelans of European descent (which constitute most of the middle / upper class) hate him, bash him in the media (back when they were able to do so) and have tried to overthrow him. The indigenous population (slight majority / most of the lower classes) love him for his socialist / handout policies.
Naturally, we can identify with the Venezuelan opposition rather than Chavez's base, which seem bent on a nationalization spree and are actively working towards real socialism and making Chavez a perpetual dictator. It is also in our national interest for Venezuela to allow foreign investment (which the opposition would encourage) due to their natural resources.
He is also the figurehead of a greater anti-west movement in South America and is actively supporting terrorist activities against our ally Columbia.
Chavez, himself, is trying to become the 21st century Castro. IMO, he can safely be ignored, the less we assert ourselves down there, the less ammunition he has to use against us. Plus, he makes for some good lulz when he visits the UN or speaks of our Earthquake Weapon that we used to destroy Haiti (to justify "invading" them).