Looks like a healthy swarm to me. In the future, when you're further along in your beekeeping, it would be wise to put foundationless frames in your traps. Avoids the step of having to do the cutout of your swarm trap.
I forgot to ask a question earlier. Are you seeing pollen on the bees legs when they return to the hive? That's a sure sign of brood in the hive. Good luck and keep us posted on the progress of your new hive. You're hooked now. :-D
BTW, very beautiful places and women in your flicker page. You are a very lucky man.