Yes, there are buses that come to the Swan/Dolphin which service both waterparks, and another that services Downtown Disney & Pleasure Island. On all these buses however, you have to make additional stops, but the trip is not more than 15 minutes. There are no buses that take you from resort to resort however. The best way to get to WL from the Swan/Dolphin is to take the 5 minute boat launch to MGM and take the bus from there. You can get to anywhere in WDW from the MGM Studios.
Last trip I stayed at the Dolphin, and I felt it had the best, most efficient transportation options than any other hotel I've stayed at in WDW. I especially liked the boat launches to MGM & EPCOT. (which are actually both walking distance too)