Venezuela and Colombia restore ties. Ecuador considers the incident resolved.
Given the relative strengths of the armies, Colombia has a strong advantage (link anyone?), so this largely amounted to a textbook drill on resolving a dangerous situation peacefully.
Chavez no doubt hoped to score points domestically by looking tough, and score points abroad by resolving a situation diplomatically, quickly, and with [the appearance of] finality.
Did he succeed? I'm doubtful.