The reward gets increasingly better until Max Nanosuit. It's common for me to get a kill or two from Orbital Strike. Ceph Gunship can give anywhere from two kills to five or six, depending on how good the other team is. Max Nanosuit is very often a no-kill affair for me. 15 seconds of Max Nanosuit is very often too short a time for me to even encounter one enemy. So i'll be rushing forward like a mad lunatic and accidentally get myself stuck in a dogfight with 3 or 4 enemies and end up dying. In my personal opinion, Ceph Gunship is better than Max Nanosuit.
Case 2: Max Radar, Swarmer, EMP, Max Nanosuit
Case 2 is a big letdown in comparison to Case 1. My reward for killing 5 enemies without dying is a lumbering rocket box, which slows me down to the point that I can't perform ledge grabs, takes 3 seconds to mount, 3 seconds to dismount and misfires at the slightest obstruction? It's not even effective against enemies who are on higher ground than you - and the fact that I can't ledge grab doesn't help either. More useful against Crash Site than Team Deathmatch. In short, the Swarmer is not equal to the effort of killing 5 dudes consecutively.
Oh god, EMP. How are we supposed to justify that EMP is equal to Ceph Gunship in terms of reward? I'm more likely to kill more enemies with Orbital Strike than activating EMP. People tend to cower and hide when EMP is activated, and it benefits other people more than myself. This alone is the reason why it's easier to get more kills in Skyline than Airport.
I think Crytek should just let Swarmer be some weapon on the floor, and replace EMP with something better. But all in all, Swarmer is the worst reward. It's the only reward in the game that takes something away from you - speed and security.