I wouldn't say he throws them "very well." He has thrown some outstanding balls (two against OU, which probably leads to the "he throws the deep ball well" comments), but he misses them about as often.
McCoy's biggest issue, IMO, is that he consistently throws off his back foot, even without pressure, and it accentuates his arm strength and accuracy.
I think he lacks the kind of talent one would expect from the QB of a top D1 program, and makes a lot of poor decisions. But... I admire his toughness, his effort and his attitude. He seems to command the respect of his teammates, and he gets every last ounce of production out of his physical abilities. I, too, am done nitpicking and criticizing every little thing. hats off to him, and let's hope the Horns can keep it going for three more weeks.