We present a study of the one-dimensional S=1 antiferromagnetic spin chain with large easy plane anisotropy, with special emphasis on field-induced quantum phase transitions. Temperature and magnetic field dependence of magnetization, specific heat, and thermal conductivity is presented using a combination of numerical methods. In addition, the original S=1 model is mapped into the low-energy effective S=1/2 XXZ Heisenberg chain, a model which is exactly solvable using the Bethe ansatz technique. The effectiveness of the mapping is explored, and we show that all considered quantities are in qualitative, and in some cases quantitative, agreement. The thermal conductivity of the considered S=1 model is found to be strongly influenced by the underlying effective description. Furthermore, we elucidate the low-lying electron spin resonance spectrum, based on a semi--analytical Bethe ansatz calculation of the effective S=1/2 model.