He is a man of many talents without a shadow of any doubt. He did engineer, abeit not singlehandedly, Singapore into a economical powerhouse in this part of the world. Whatever were wrote in the history books are mostly truths, although the "not-so-honourable" facts were conviniently left out - jailing of dissenters forcefully, "betrayal" of allies, etc.
The transfer and consolidation of power within the family is a thing most Singaporeans has little trouble with - that is not going to cost the PAP a lot of votes.
I would prefer a LKY at the helm any day than to a half-baked open-style government which gives far too much leeway to incompetence and tolerance to different opinions within its own ranks. You can almost sense the leadership is weakening rather than it is being open-minded.