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.
If you are using Physics, you can set it to circle, but it's found in the physics properties.
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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.