No there is not other than a sound setting, vibrate or both (i think). I had this same thought the other day after just coming over from a droid as well but when you think about it, doesn't matter much. With my droid, if the light was blinking I would check, but most often it would be a spam or garbage email. With this phone it has no light but a click of the home button and I can see what messages or emails or whatever are there. If I am close enough to see a light, I'm likely close enough to click the button, and because of my nature, I'm going to click the button and look...lets face it. Essentially the same thing with either phone...if I think there might be something I'm looking for it!
I also believe certain things can be set up to repeat notification until you clear it. So if you miss the initial sound or vibration or what have you, it would alert you again.