I don't think there is i'm afraid.
It's one of the things that took me a while to get my head around moving from x-cart to magento that every variation of a product has to be an individual item.
Saying that after playing with magento for so long it does actually make sense the way they have done it.
If you do not need to track inventory levels you can use custom options rather than Configurable items. It is a lot quicker. There are a couple of custom option template extensions that allow you to bulk manage these options eg create a colour template and apply this to multiple product once.
This module lets you avoid setting up options for each product. The extenion generates custom product option template and assigns it to all your products (or any number of products you specify). So you can add multiple colors to items/sizes without having to setup new simple items for each color/size.
Also, the module allows you track inventory for all custom product options.