Title says it all. You really need the ability to rotate around the center of an object's gravity or at least it's dimensions. Take the case of a simple torus, or 'donut'. There's nothing in the center so unless you have a plane in the center, there's no way to set the center point for the object, and creating a plane just to rotate around it is ridiculous. It's even worse with 'U' shaped objects.
Please implement this. This is kinda killing me.