I noticed that also. I think you get the option of buying tickets with it, but you can't do dining.
Disney doesn't own it still. They rent the property from Disney, but the Dolphin is still a Sheraton, and the Swan is still a Westin.
Funny, I am booked at the Dolphin one night next month, then 5 at the Swan (all free on starpoints, yeah!). According to Disney's site, they have rooms at the Swan for my first night, but the Swan's website says they're booked. Makes me wonder if they either allow Disney to overbook (then they can send you elsewhere, like the Dolphin or Boardwalk if a room doesn't become available) or if they reserve some rooms for Disney's system.