I was happy to see that, when building, checking Local Axes let me position an object by dragging it along its own local axes. However, if I click the up and down arrows beside the position numbers, it still moves the object according to the Global Axes.
I know the number shown there is still the global position, but having some way other than dragging to move along the local axis will be really good.
Maybe a good idea would be to have an Axis Object that you place and rotate to define the axis you want - then you can have all other objects display positions relative the that Axis Object and use it's axis.