Not crazy about cutting McGahee. If experience shows us anything, it's that we need depth at RB, and we specifically need someone who can act as a receiver and pick up blitzes. McGahee does both of these well and he's relatively cheap. Age is a factor, but I don't see him as more injury prone than Moreno.
If we cut someone, it's most likely Ball or Hester, though I'm still scratching my head as to why we moved up to draft Hillman in the first place.