OK, good point. Kinematically, the elbow and the swivel are not the same; the elbow works by rotating at two separate points along axes that are not parallel, but the direction of those axes is fixed...like 90 deg or 70 (or 110) deg from each other. Both rotations on the elbow are using the standard hose-to-regulator fitting, which is simple and robust.Well, I thought like that as well, but an elbow rotates at both ends which is two planes, so as I said before, "in effect" it swivels. A regulator rotates at a single point and would not "in effect" swivel.
The swivel moves by rotating at two separate points along axes that are not parallel, as well. The BIG difference is that only one of the rotation points on the swivel uses that robust fitting, while the other point of rotation allows changing the pointing axis with a proprietary and not-as-robust fitting, and charges a lot for it.
You get more flexibility with the swivel; you get more issues to deal with, as well.
It seems that most folks can solve their problems with the elbow. If they actually NEED the swivel, they need to accept less reliability and be more attentive to its maintenance.
The Atomic swivel (it comes with a hose) is really a better design that the others; it is also more expensive, but if you really need a swivel it is the one that lessens some of he issues with the other swivels on the market. IMNSHO.