The other very important element of the No Vote was it put a timetable on Chavez’s road to 21st Century Socialism. It takes away the temptation to put too much power into one individual. If Chavez was smart he would use this opportunity to further expand the socialist revolution from the bottom up.
There irony of all this was it was his western style political reforms that forced the no vote. The economic reforms that the Venezuelan and American opposition so desperately despised still has strong democratic support. The voters of Venezuela said no to a Democratic system so common in the west that does not include term limits. The Venezuelan voters also said no to granting American style Patriot Act powers to their president.
I suspect in the next few years Chavez will continue the popular economic reforms that Venezualan and American Neo-Liberals so despise. In the end, it was the presidential powers of western and American democracy that were resoundly rejected by the Venezuelan people.