@sbm: Thanks! Yes we all wish for a day when things return to normal and the area is bustling with tourists again! Ishallah this year, Kalam and the Mahodand area should see hopefully some activity, as it would be very important for the locals.
Unfortunately things like the Abbotabad incident would probably hipe up the security concerns about Swat..... our experience has mashallah been very good while travelling up and down the valley and we never felt insecure at any stage....touch wood!
The Dir-Kohistan region (across the pass) is someplace I was more skeptical about but I was pleased to see a lot more development on that side as well, compared to what I remembered from my last visit about 12 years ago! Hopefully that area will also open up with the passageof time but at this stage it is completely untouched territory for the bold and connected 
Here are some stolen snaps of the Kumrat Valley which starts North of the town of Tal in the Kohistan-e-Dir valley we blazed through during our trip:
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