Ashley, Selection wrapping is fine for many situations, but having the ability to group together objects would make cloning and/or fine-tuning their position far easier. I'll give you a very specific example from my current project:
I create a set of objects, let's say a platform with a bunch of stuff on it, like this:
<img src="https://dl.dropboxusercontent.com/u/14522925/Images/Platform.jpg" border="0" />
If I ever want to repeat that collection of objects, I'll have to box select it all, but then I might end up selecting other objects around it, in the foreground, in the background, etc. (this loops back on the object locking suggestion). It becomes finicky to select/unselect all the extra bits and pieces. It'd be far easier if I could just click on one object and all other grouped objects are automatically selected.
Sorry, and I've got one more suggestion, something I've been thinking about for a while now.
A smart filter/search bar in the Project pane: I have lots of objects in my game, and I expect to have lots more. Even with my best efforts of sorting them into folders, it's sometimes a bit difficult to keep track of everything, and with more sub-folders it takes progressively more time to get to an object, even if I know where it is.
If we could have a search bar that filters the objects in the tree list as we type, that would make finding and placing objects considerably quicker.
<img src="https://dl.dropboxusercontent.com/u/14522925/Images/SearchBar.jpg" border="0" />