The balcony rooms at the Swan are on the 2 wings that extend out of the back of the main building. If you are on the outside of the east wing you will have a view of Crescent Lake...the BW and the YC/BC and the waterway to MGM.
The higher...you are, the better the view.
If you're on the outside of the west wing, you would have a view of the beach area and possibly part of the grotto pool. Again the higher the better.
From the insides of these wings view can be limited as they face each other. But you will have a view of the Dolphin and the walkway between the hotels and the boat dock.