I want to introduce my application "Notifications Off" for controlling application notifications in a centralized way. Instead of toggling notifications for applications individually from the settings screen you can update the settings for all applications from one place. As the feature was introduced in Jelly Bean obviously it only supports Android 4.1 and up.
The app can also automatically disable notifications for new applications as soon as they are installed.
Keep in mind that root is required for the application.
Feedback, suggestions and ideas are welcome.
Google Play Download Link