I think the fact that he's been patient, and willing to allow the process to move ahead as planned, while building his core (and signing them to reasonable deals) is a reason why I have him ranked highly.
I suppose patience is a virtue you want in a GM. But not every GM has the autonomy to be that patient. Imagine if Jim Benning had done nothing for 4 years after he was hired. He would have been fired after 1. But Chevy was on the job 4 years before pulling the trigger on a real trade with Kane/Myers.
And Cheveldayoff's patience looked a whole lot like cowardice earlier in his tenure. There used to be jokes about him never making a trade. And when he did, he spent mid picks for marginal-to-worthless players:
4th and 7th for Alex Ponikarovski
3rd and 5th for Mike Frolik
2nd for Devin Setoguchi
3rd and 6th for Jiri Tlusty
That's a decent amount of draft picks for a bunch of nobodies.
I'm not saying he isn't good at his job. And you made a good point, since so may GMs need to be more patient, he should get credit for that. But the only reason his patient 'build from the draft' approach worked is because he built a loser early on, and was allowed to stay on the job to reap the benefits.
Most GM's don't get to miss the playoffs 5 times, get swept once, and then get credit for their excellent drafting and patience.