McPhee will be great for them. People who evaluate his career based on drafting Ovechkin or the Erat trade are missing the big picture. He made the bold move to rebuild a veteran team that wasn't getting any better, and made a series of shrewd trades to create a rapid and successful rebuild in Washington. It was a lot more than simply the Ovechkin pick. He brought in a series of A+ prospects and additional draft picks. John Carlson, Mike Green, Semyon Varlamov, Tomas Fleischmann, and Brooks Laich were all brought into the franchise via trade. During his decade managing the team in the salary cap era, he only really signed two real bad contracts (Brooks Laich and Michael Nylander). Until his last couple years, he generally "won" almost every trade or negotiation he was part of.
He might not be the right candidate to put the finishing touches on a roster or get it over the hump, but he's a great GM to build a franchise from the ground up. Solid hire for Vegas.