We have done both the Dolphins Up Close at Sea World, and Discovery Cove with the Dolphin swim. We (self, DW, DS7 and DD6) went last November. Paid for Discovery Cove and received free 14-day passes for Sea World and Aquatica. We did the Dolphins Up Close at Sea World to get my kids ready for Discovery Cove the next day. Dolphins at Sea World give you a opportunity to feed and interact with the dolphins, but you are never in the water with them. Lasted about an hour or so. I cannot say enough about Discovery Cove. Truly amazing park and experience. I highly recommend it. The Dolphin swim at Discovery Cove, and everything else, is worth the price of admission. As PP said, admission to Discovery Cove includes everything - food, snorkel and mask, sunscreen, all food and drinks - even adult beverages. With the added free pass to Sea World and Aquatica it makes the cost very reasonable.
I'm sorry, I do not have experience with the Epcot dolphin experience. A couple of things I noticed on the Disney web site. "Guests must be 13 years of age or older." You only need to be 6 yrs old for the Dolphin swim at Discovery Cove. "Please note that this is a wading encounter where the dolphins are brought to you in waist-deep water. You will not actually be swimming with the dolphins at any time." At Discovery Cove you spend most of the time in waist deep water with the dolphin brought to you, but near the end you swim out to a spot in the lagoon. The dolphin swims over to you. You hold the dolphins dorsal and pectoral fin and the dolphin gives you a ride back to the group. It doesn't sound like that happens at Epcot.
As PP said. If you want to swim with dolphins, Discovery Cove is the way to go. Also, we stayed at the Springhill Suites across from Sea World and Discovery Cove and were very pleased with this hotel. Great price, good clean room, good hotel amenities, and very helpful and courteous staff. Highly recommended budget/moderate hotel.