Not really. You just wake up the phone and all notifications are there. I am using GS5 now and I agree the LED notification is handy. As for the notification icons on the top of the screen I don't like it and find them really messy. But that's just me.
Well how about an icon *option* for those of us that find them useful? I guess I should just accept and be grateful for what Apple in their infinite wisdom determines what is best for me. Sigh.