I would say that McMahon has very minimal fantasy value for the rest of the year. Obviously TO's return will raise his value, but for now I would take guys like Warner, Simms and Losman over him
Without TO he is pretty worthless fantasy wise. He has very few weapons on that team since they lost TO....and the one weapon he has is going to be targeted by defenses to be taken away (Westbrook). Brown and Lewis better step it up BIG TIME if he is going to have any kind of success at all. If TO comes back he has quite a bit more value but still not any better than most of the QBs in the NFL.
Don't forget about LJ Smith. He's improved alot, and is one of the more threatening TEs in the NFC this year. Having a reliable pass catching TE is going to be huge for a backup QB.
But I'd expect that if McMahon does well, he'll be having 1 TD, and 2 TD weeks with the Eagles relying on Gordon and Westbrook more in the redzone.