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Both are terrific, but my personal choice is the Dolphin. It's closer walking distance to Epcot, dining options from relatively inexpensive (Picabu and Fresh... I LOVE Fresh), to rather pricey (Shulas and Bluezoo), and Mandara Spa on the Lobby Floor (again, rather pricey but a great experience). I'm also a fan of the pools at the Dolphin. On all of my stays, I've had a clear view of World Showcase (and the ability to watch Illuminations with clarity) and the Boardwalk. On the downside, the floorplan of the hotel is larger and more convoluted than the Swan. At both you have access to boats to Epcot and DHS and you have Extra Magic Hours. There are some nice views to be had at the Swan, though not as specatular as the potential views at the Dolphin (again, only my opinion). The smaller floor plan makes it easier to navigate the Swan. The dining options at the Swan are more expensive (not as many middle of the road pricing options), though they benefit having a killer sushi/karaoki bar (Kimonos). Hope this aids in some way.
Just to let the original poster know though, that its only a 30 second walk between the lobby of the Swan and the Dolphin, so the dining options and pools are really shared between the two resorts.
We have only stayed in Disney once and that was at the Dolphin last year and we absolutely loved it 100%, every single bit of it from the room to the dining to the shops to the access to Disney. So much so we are booked to go again next year!!! :sohappy:
It looks like Swan rooms are a tad bigger. Is this generally true?
Also, I believe the Dolphin only is owned by Sheraton. The Swan is owned by Westin.
The Unofficial Guide to WDW gives a great overview of these hotels, which provides a good comparison. Consult a copy at your local library, or buy a copy. It's well worth having.