No there isn't. We thought about implementing one, but because comments are mostly moderated it would be a bit complicated in terms of sending out notifications. It can be done, but coding around all the different moderation options would take time - it's not a simple system.
If more people ask for this we will put in the queue - I've been coding A LOT in the last two weeks, mainly around speed, but also around the new forum streams, etc...
Maybe start with a beta feature covering only the simplest case and notify blog creators they can use it if they want to. Getting a notification for a comment which is posted and later deleted by moderation is no big deal for a beta. Happens all the time with the forums.
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