I do this quite often in one of my apps. My approach is to initialize the object with:
-(id)initWithEntity:(NSEntityDescription *)entity insertIntoManagedObjectContext:(NSManagedObjectContext *)context
passing nil for the context. To get the entity description, you do need access to the managedObjectContext. I tend to get the entity description when my app starts and then store it in an instance variable in my app delegate.
Here's an example:
//inside my "Engine" class
self.tweetEntity = [NSEntityDescription entityForName:@"Tweet" inManagedObjectContext:self.moc];
//later on when I want an NSManagedObject but not in a managed object context
Tweet *tweet = [[[Tweet alloc] initWithEntity:self.engine.tweetEntity insertIntoManagedObjectContext:nil] autorelease];
This allows me to use NSManagedObjects without storing them in a database. Later on, if I decide I do want the object inserted into my database, I can do it by inserting it into my managed object context:
[self.moc insertObject:tweet];