There is not much to see in McLeodganj, and very few places of interest which can all be seen in a day.
Dal Lake - The lake is only 2km away from the main market, and is a nice scenic place, although the water is dirty you can enjoy the place by baiting in the lake or simply walking along the lake.
Triund - If you are interested in trekking then Triund is the place to visit, it not only allows you to trek the mountains but also experience the views of the deep valley.
Bhagsu Falls - Again another place 2km away from the main market is Bhagsu Falls, which is the third and last thing which can be visited in McLeodganj.
Overall the location is fairly quiet and not the usual hustle bustle place like Shimla or Manali.