Sorry for the noise, but as others have pointed out (over the years!), one workaround is using ALT+middle mouse button to resize from anywhere within a window. Just want to add that there's a key in gconf that let's you change that to using ALT+right mouse button instead:
I find this much more comfortable, plus it works on 2 button touchpads as well. By the way, this workaround isn't exclusive to compiz as some others have suggested.