I disagree. I believe that initially his comrades place Silvio on a deserved pedestal.  His high respect, however, is lost when he does not initiate a duel (an action that is seen as essential in their society to protect one's pride). After Silvio explains his reasoning, the narrator again views him with great esteem, understanding that his moral code is different from the narrator's own. Soon though, the reader is temporarily led to believe his intentions are to take a man's life only when it is valued by others outside the man himself.  A confidence is quickly regained in our protagonist and his original ethics upon discovering his inability to shoot his opponent.  Lastly, the bullets received by Silvio prove courage.  Along with honorable morals, this trait is a classic characteristic of heroic figures.