No, not really, but they are the highest ranked team eliminated, so far.
It's Brazil and Spain.
And, as of last month
http://en.wikipedia.org/wiki/FIFA_World_Rankings the rest of the top teams are
3- Portugal
4- Netherlands
5- Italy (out, 1st round)
6- Germany
7- Argentina
8- England
9- France (out, 1st round)
10- Croatia (not in tournament)
11- Russia (not in tournament)
12- Egypt (not in tournament)
13- Greece (out, 1st round)
14- U.S.A.
15- Serbia (out, 1st round)
16- Uruguay
17- Mexico
18- Chile
19- Cameroun (out, 1st round)
20- Australia (out, 1st round)
21- Nigeria (out, 1st round)
22- Norway (not in tournament)
23- Ukraine (not in tournament)
24- Switzerland
25- Slovenia (out, 1st round)