There is one. I forget the name. It works by swiping proximity sensor. Check idownloadblog.com. I saw it on there
sleeksleep...the only issue with it is the battery drain,more than the digitizer drain MAYBE on lumia phones,well IDK.. xD
that stupid virtual home :| doesn't look good on screen :| an interactive button (unless REALLY needed,like in place of broken home-button)
well guess after searching on android forums,even droids can't have that "Easily" because it is a kernal tweak,and even you are geeky enough to do the rooting blah blah,there are chances you may get a buggy re-creation (some persons on xda have reported perfect functionality BTW for specific smartphones )