Transform.TransformPoint
TransformPoint(position: Vector3): Vector3;
Description

Transforms position from local space to world space.

Note that the returned position is affected by scale. Use Transform.TransformDirection if you are dealing with directions.
	// You need to assign an object to this variable in the inspector
	var someObject : GameObject;
	// Instantiate an object to the right of the current object
	var thePosition = transform.TransformPoint(Vector3.right * 2);
	Instantiate(someObject, thePosition, someObject.transform.rotation);
TransformPoint(x: float, y: float, z: float): Vector3;
Description

Transforms the position x, y, z from local space to world space.

Note that the returned position is affected by scale. Use Transform.TransformDirection if you are dealing with directions.
	// You need to assign an object to this variable in the inspector
	var someObject : GameObject;
	// Instantiate an object to the right of the current object
	thePosition = transform.TransformPoint(2, 0, 0);
	Instantiate(someObject, thePosition, someObject.transform.rotation);