Commerce product options on product basis
Drupal Commerce generally conceives of attributes as those things about a product that a customer might specify on the Add to Cart form to drill down to a particular SKU, i.e. a particular variation in a group of products. From this perspective, you wouldn't have the ability to randomly add options to a product for selection on the Add to Cart form; you'd define attributes as fields on your product type and create a unique product for each potential variation.

You can use line item fields and expose them to the Add to Cart form, allowing the customer to enrich the line item with additional information required for fulfilling the product that do not affect the SKU. There are videos showing both of these different features in our video library:

http://www.drupalcommerce.org/videos

Finally, I met Joshua Needham at BADCamp, and I believe he intends to put some time into the Commerce Product Options module. This was a suite of modules initially developed by hunziker and then left on its own for a year or two. If Joshua is able to get commit access, I'd expect to see some work in there that allowed for product by product configurable bundles of options that are exposed through the line item form. I'd pull up a link for that but drupal.org is down atm. : )