Well, the true cynic, anyway:
McConnell is the moderate option here. He's not arguing against making deals with Obama so much as he's arguing that Republicans should avoid taking position that Obama can use against them in 2012. He's trying to make the case that doing so best positions conservatives to ultimately achieve their goals. I think he's right. Pushing bills to slash entitlements and let insurance companies deny coverage to sick people is a pretty bad political idea for the GOP. Much better for them to avoid a positive agenda and keep its own agenda vague rather than unveil highly unpopular specifics. But let's be clear about what's happening: The prospect of two years of fighting Obama on every front while ignoring the country's dire straights is what now passes for mainstream Republican thinking.
I don't think the GOP can get away with McConnell's strategy having fired up the Tea Party base. The cynicism and condescension to the GOP voters would be just too obvious. Even for him.