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The only thing I've found that rotates are chairs in the houses, and really it just flips them horizontally. After you pick the item up and it is in-'hand' press R to flip/rotate the item. Since it is a mechanic, I'd recommend trying it on different things and try them again after updates. (I was disappointed I couldn't rotate beds but I'll be happy with chairs facing tables for now.)

The one that really got me was that you can only place dirt road stairs up cliffs on the south side. I was going nuts trying to place one on the north side of a raised area for a while. Speaking of which, does anyone know if you can craft new dirt roads or is that a chest/reward item only? (Same goes for tilled soil)