It would be great if the image editor Set Collision Polygon tool had a few standard choices such as circle, rectangle, custom. Often a simple circle will do quite well for a multitude of objects and games.
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If you are using Physics, you can set it to circle, but it's found in the physics properties.
Personally, I'd love the option for adjustable beziers in the poly editing tool, but I can only imagine the toll it'd take on performance.