yep.
Yesterday I park hopped from sea world to aquatica. When I went to the other park, the girl asked if I had been into one of the parks that day and if I still had the reciept. I'm guessing it showed up on my annual pass.
There's lots of good places just a couple blocks outside the park gates. I wonder if they allow for "park-hopping on the all day dining". If you're spending the entire day there, you might want to ask in the morning about that. And then you could just use the free shuttle to get to the other side.