I'm assuming the 1 bulk able to be stored in cheek pouches counts towards your total bulk carried in terms of calculating your encumberance level and isn't an extra free 1 bulk that can be used without it weighing you down.
Also when it says "they can transfer a single object between hand and cheek as a swift action." does this mean that you can take an object from your cheek pouch and place it in your hand as a swift action. For example using a swift action to "draw" a grenade from you cheek pouch instead of using a moveaction to draw it.
