Transform Mode

Use this to select an object in the 2D or 3D View to show its Interactive Selection Transform Handles.

Watch this video to see this in action:

Usable In Both Views

This tool can be used in both the 2D and 3D View.

2D View offers a more direct way to view your vectors while 3D Offers more flexability to work with Vectors in 3D Designs and to make use of the Edit Boxes.