Yes, they mean 99% the same. The difference is not important.

I think 'that 's no good' has this subtle implication jpellowe is talking about. It is not just like saying 'that is not good' ,where the meaning is more explicit and direct. 'That's no good' is more likely to be used in situations , where the speaker refers to signs, that things are not going to progress in a good way, where he predicts the worse of a situation.

In my opinion, "that's not good" means the same as "that's bad." For example, if Joe is bringing all the food to a party and he calls and says something came up and he can't come to the party after all, I would say, "oh dear, that's not good!" "That's no good" means something more like "that won't work." For example, if Joe says he'll bring all the food to the party, then shows up with only plates and says "I couldn't bring food so I brought plates instead," I would say, "well, that's no good!" That being said, in many circumstances, they can be interchangeable. However, the subtle implication in each case is different.