In short: I think he's overly subsidizing fuel, and should instead be pumping that money into further infrastructure investments.
Now at length:True, cheap oil spurs the economy but at their prices he's throwing away money that might not always be coming in. If they don't build a non-oil reliant economy, they will be crushed by the IMF (just like in the 90s) when those prices drop and Chavez needs cash to support his programs.
Wikipedia says it better than I do:
I'd argue with the quote a bit in that health and primary education are fundamental to Chavez's policies as I understand them, and both critical to organic growth. Additionally, he claims to be keeping a healthy reserve of cash from the oil income to buffer a price drop. However, I just don't see him making the large infrastructure investments, particularly in transportation, energy, and housing, that he needs to and that's exactly what Venezuela needs to do themselves since those are the investments that normally put developing countries into crippling debt.
So effectively what you are saying is that whilst he has improved health & education, reduced national debt and poverty he has yet to turn Venezuela into an economic powerhouse.
Given that we must only blame Chavez for things that he can control then we must assume that you expect him to make that investment from government funds, therefore either spending all his income, or potentially increasing taxes on the rich or industry; neither of which groups wish to play ball as he's already cut into their pie substantially.
I think you'd find it hard to argue that Chavez has been bad for the majority of his people, economic growth has been good though, as you point out, still reliant on oil. They still seem to be in a far better position than before he was elected. The populist angle seems like nonsense in light of the fact that policies that help the poor on the back of an oil boom would surely be good policies anyway; that his electoral base is the poor is hardly surprising nor in itself bad.
So is he not really one of Venezuala's better leaders?