No, it's not. I can see the notification just fine, but if I click on it to answer, I have no one-click way to get back to the app I was in before responding to the notification.
You said reading a notification. That's addressed with the notification center which doesn't even take you out of the app. If you do switch apps quick switching back to apps has been there since iOS 4 with the double tap of home. How much easier do you need it?
