Cubicles suck, but an "open" floor plan meant less privacy and constant panopticon-like intrusions at all times, including extra noise and distractions from everyone else around me.
Some people do fine with constant annoying little distractions at all times. Those are the kind of people that corporate culture wants to have around because it all amounts to annoying little distractions and seeking validation for them.
Cubicles are so much better than that open office crap. At least for cubicles you can (somewhat) personalize your space, can (somewhat) get away with dicking around on company time, and can (sometimes) get away with doing shit that you're not supposed to do on company time. Just get a bunch of small cubicle mirrors strategically placed so you won't get surprised by unwanted guests.
I respectfully disagree comrade. Certainly the average person can differ greatly in their preferences and one resolution can be a mixed layout or adjustable office space, but I think it's good to have boundaries, at least as an option. Plus the Wikipedia article (grain of salt as always) I referenced appeared to note a lot of negative effects, even going so far as to affect physical health.
In that picture most of the immiseration (besides capitalism) seems to be caused by the color, crowding, and lighting.