Interesting question and on point with the normal comments we share amongst ourselves. Personally, I would prefer to hear "Great Swing" primarily because a great swing typically results in a great shot. As such I would prefer to know that it was a proper swing that gave me the good result :)

I have so few of either. Both are welcome comments.

I'm good with either. The one that's popped up that I don't care for is "great shape". It's so hipster.
It's like "yeah buddy, I've hit every ball today from left to right but you're going to come at me with "great shape" because the hole moves that way?" Just say good swing and move on.

I think the swing leads to the shot though the one I hear occasionally that makes me laugh is "nice miss" (i.e. the thin shot that actually runs right up to the pin ......

this may sound odd, but honestly I dont want to hear either. I dont want someone getting in my head and get me thingking about my swing on the course, or the other part where it can be a bit patronizing. What I myself like to hear is how you have been and other social things. And I dont mind giving people compliments on their swing especially when they have been telling you of all the hard work they have been doing on it.
My preference is for the "nice par" when you have been up and down. Or nice birdie, when you have gone and stuck one close to the flag with your Vokey wedge.
I find we often give compliments on what we can find at that moment and its often on a shot that wasnt that complimentary, if that makes sense. And not trying to be a Debbie Downer here, I just think it would be awesome if we searched deeper on the course for conversation or.....