The recall referendum is taking place right now. The ability to recall is part of their Constitution, but you've got to imagine it's being manipulated (or at least financed) in large part by the opposition.
Correction: it's not "going on now"! The possibility of holding a referendum is under review -- by the Chavez government, which is opposed to it. The petition for recall is being studied. Current predictions are that if it does take place, which is uncertain, it won't be until August. Please consult recent news on BBC, etc. as I suggestedhttp://news.bbc.co.uk/2/hi/americas/3487861.stm or the latest articles via a Google search of "Venezuela+recall+referendum."

Of course the opposition is who's financing and carrying out the recall referendum petitioning. That doesn't in itself make it illegitimate any more than the fact that it's the Democratic Party that's trying to defeat Bush makes that effort illegitimate. Chavez has vowed to fight the recall move in the Venezuelan Supreme Court.

I would not judge an opposition by the look of their faces but by the color of their consciences. It's important not to take sides on the basis of limited information, but to listen, with a grain of salt handy, to both sides. If you like Chavez, it's important to be aware that the opposition is strong, very strong. The political situation in Venezuela is extremely volatile, and remains so.