No.
Just hit Command-Q, much faster than moving the mouse to close the window or choose Quit from the Menu!
Actually, yes. After a more exhaustive search, using other search terms, I was able to come up with RedQuits v2.0 by Carsten Mielke. This tiny app, compatible with Lion & Mountain Lion, closes the application when the last window is closed with the red "x" button. Haven't tested it extensively yet, but it certainly looks promising.