This is a pretty interesting move. Many people, including many of you here, have thought about sending Del Zotto to Connecticut to get some of his confidence back. It's an idea that John Tortorella has been on the fence about, and obviously something has happened to make Torts make a decision.
Del Zotto has had a regression offensively this year, but has shown improvement defensively. Still, Del Zotto has been watching games from the press box since just before Christmas, and if he isn't in Tortorella's plans right now then he should still get time in the minors.
If sending Del Zotto down wasn't surprising enough, bringing up McDonagh is. We haven't heard much about McDonagh this year, aside from his progression in Connecticut, but there wasn't much speculation that he was going to see some time in the NHL this year. It will be interesting to see how Tortorella utilizes him, and what kind of ice time he sees.
Regardless this is a good chance for Del Zotto to gain some confidence in his offensive game, and a great chance for McDonagh to showcase his skills and prove that he belongs in the NHL. Hopefully Del Zotto can find the offensive part of his game again, and round out his overall play.
Neither player needs to go through waivers.