No, they are the same. But there is a difference between:
Test t; // create a Test called t
and
Test t(); // declare a function called t which returns a Test
This is because of the basic C++ (and C) rule: If something can possibly be a declaration, then it is a declaration.
Edit: Re the initialisation issues regarding POD and non-POD data, while I agree with everything that has been said, I would just like to point out that these issues only apply if the thing being new'd or otherwise constructed does not have a user-defined constructor. If there is such a constructor it will be used. For 99.99% of sensibly designed classes there will be such a constructor, and so the issues can be ignored.