Yes... Gateway of last resort will always have a destination of 0.0.0.0 0.0.0.0. The router to handle that route, is the x.x.x.x.
You don't need a default gateway though. In fact it's pretty common not to have one. Without a default gateway (gateway of last resort), you router will drop the incoming packet that is for a destination that your router doesn't know.
Example:
Image your network consists of (3) subnets (192.168.1.0/24, 192.168.2.0/24, and 192.168.3.0/24). On your router, your routing table might look something like this...
C 192.168.1.0/24 is directly connected, FastEthernet0/0
C 192.168.2.0/24 is directly connected, Serial0
C 192.168.3.0/24 is directly connected, Serial1
Now with the router in this state, it knows how to get to hosts on those three subnets only. If your want to connect to a host not on these subnets (like a website or something), your router wouldn't know where to send the packet and would drop it.
To get around this, we use a default route so that your router doesn't have to know every public network in the world.
