We stayed at the Swan several years ago and loved it. It was amazing. The only downside was that we'd take the boat past the Beach Club, where we'd stayed the year before, and I'd find myself feeling bad for all the money I wasted since the Swan was nicer at half the price.
The location is great. It's a little farther from Epcot, a little closer to the studios. Definitely walkable both ways, but the boat is fun for the kids and nice when you're tired from a whole day in the parks. The buses to AK and MK are as reliable as the buses from the Disney hotels, quck and easy.
We mostly ate at Disney, we did a lot of World Showcase dining, or went to Downtown Disney, but when we did eat at the Swan it was nice. I can't remember the actual restaurant, but we did breakfast there a couple of times, and a nice buffet once. If you want to be able to reenter a park for dinner, you should probably get park hopper added to your ticket.
If you're going to eat sit down meals Disney you need reservations ASAP. There's a nice array of fast food type places so if you don't have a reservation you'll be able to find something.
As far as the EMH we only did the morning. When I went it was before "magic bands" and you just used your ticket to go through the turnstile, it was also your roomkey so it was coded so they knew you were allowed in. Once you were in you didn't have to show anything. I'm not sure how it works now. I don't know how it works in the evening, but I think they have some system where you don't have to keep showing something? Colored bracelets or something? I don't know. I don't stay up that late, even on vacation.