I lived in Hyde Park for quite awhile and, although I didn't live in graduate housing myself, had several friends and neighbors who did.
All the UofC properties are well-cared for. They are also pretty cheap for the neighborhood. The co-op mentioned on 53rd St. has closed and reopened as a produce market mid-January. They carry produce, meats, and fish. A cafe is going to open next door. The main co-op on 55th and Lake Park closed as well. Treasure Island is supposed to open at the end of February, but I don't know if that is currently on schedule. That will be in the 55th St. spot, which was the main co-op store. However, assuming you will have a car, I often went to the Dominick's in the South Loop. Dominick's had bid for the 55th St. location as well, and I wish they had won, because it's a better store than Treasure Island in a lot of ways (plus really cheap pizza on Fridays). Oh well.
As mentioned, 53rd St. is one of the main streets in Hyde Park, and it has a ton of restaurants and shops. 57th St. is the other street with shops, especially bookstores. Be aware that if you need to get to a Target, the closest one is South Loop - not hard to get to from Hyde Park, but not close enough to walk. Other box stores with cheap household stuff is further away - sometimes much further away. Plan those trips carefully, because it's impossible to take a quick run there.
You are only a few blocks from the lake, the beach, and the Point. If you run or bike, you can do either on the bike trail that goes along much of the length of the lake in the city. City festivals in the summer are common, especially in Grant Park (downtown) - about 10-15 minutes from Hyde Park depending on traffic. The Museum of Science and Industry is also within walking distance, and the Oriental Institute on campus is awesome.
Safety - lock everything up. Always. Things are stolen regularly in the entire neighborhood. Don't leave anything valuable in your car. I wouldn't walk around alone at night - there often aren't enough people out for it to be safe - but the campus has a safe ride system. Also, the campus police patrol constantly - you can't go two blocks without seeing them - and there are emergency phones everywhere. The campus bus system will take you from your building to campus, and thank goodness for that, because walking a few blocks in a Chicago winter is not fun!
I suspect you mean Swift Hall (not Smith Hall, which doesn't exist). It's on the main quad, about 57th and Ellis. The Campus/Kenwood bus hits both there and at 53rd and Woodlawn, so that would likely be the best option for you. Walking between them - it's not close (about 7 blocks), but in warm weather you could do it if you so chose. A lot of people choose to bike, and there are plenty of bike stands. Just lock it up! In the winter, I would not make that walk. Take the bus. Here's the bus map for that route: http://www.transitchicago.com/maps/bus/bus/172.pdf
And the other campus transportation maps: http://facilities.uchicago.edu/transppa ... -192.shtml
Evening routes are listed as well.
I loved Hyde Park and would live there again.