Transform.TransformDirection() takes a local position and transforms it into world space. This is a more general solution that works for any local vector, where by the ‘transform.up’, ‘transform.right’, ‘transform.down’ only work for directions that are axes aligned.
I'm also wondering this. It seems like the 2D physics is missing many things the 3D physics has. I hope they are going to be implemented soon...
– CleanCut