Best way to bounce a physics object?

The projectile motion component provides for some nice bounce and specific gravity settings. But the sphere that I add as the projectile mesh doesn’t gain any rotational speed after a glancing collision with static objects and doesn’t make a very reliable physic object.

In any case, a ball would probably stay active on a level for much longer than a projectile. So it seem like a sports ball might should be a physic object first that learns to bounce properly. As a physics object it already deals with friction and rotation nicely. So my question is how to best achieve the bounce. Detect the hit, compue the new direction, velocity, and rotation, and apply an impulse? Or am I overlooking something simple?