How about treating the 3D cursor as a scene object?

I think that it could be very useful if the 3D cursor is treated as a normal point-like 3D object that could be rotated, translated, dragged-dropped and even scaled with the object transform tools and hidden from the scene in the same way a scene object gets hidden with the exception that it has special properties and cannot be deleted from the scene. I think this will make it much easier to manipulate and use and make it less strange.

Moving the 3D cursor by clicking never really made up much sense to me.