I wonder if this is a bug, but for some reason I can’t enter a search in the issue tracker so I’ll ask it here.
When I change the pivot point(s) of sprites in a multiple sprite sheet the Sprite Editor shows the changed pivot locations I’ve made, but after applying the pivot point(s) still show in the center in the Unity 5 Editor and still rotate around that center point.
Anyone else noticed this?
Greets,
Jan
Have you changed from Center to Pivot for the rotation tool?
Well, in retrospect I think the Unity editor had developed an error at some point. I had to import some sprite sheets, tiling them up and things like that and then I noticed that in scene view the pivot point was still shown in the default center of a sprite I had altered. The settings were pivot and world btw, at least I presume you mean the two buttons at approx. mid top in the Unity editor.
Not long after I posted the above I had to place an empty game object and noticed resetting it to 0,0,0 didn’t place it at the center of the scene whatever I tried. So I saved all, closed Unity and then started the project up again. After that all worked as expected, so I expect a subtle bug somewhere, but where is the question. 
Greets,
Jan