I'm sure this will come off as hokey and nostalgic, but put me firmly in the "bad idea" camp. I earned my BSEE 10 years ago now, and my hours in the engineering department's lab were some of the most memorable and useful of my undergrad years. They taught me how to work informally with my colleagues, bouncing ideas off of each other and helping each other out. They taught me the value of learning from the mistakes and successes of others, and how engineers truly work as a team, far better than any contrived design project could. They taught me the value of peer review far better than any "formal" design review could. I see the same spirit in the cubicle farm I inhabit in industry, or when a group of my co-workers and I sit down to lunch, that I saw in the lab with my classmates working feverishly on our lab reports at 2:00 in the morning on a Saturday in the engineering lab.
I think collaborative spaces are a good start, but there's still a place for big-iron workstations with large monitors that make it easy to point out things to your friends. As many other posters have pointed out, there's also the issue of tens (if not hundreds) of thousands of dollars of software licenses that in many cases aren't reasonable or appropriate to expect a student to have on his or her personal machine. It's far easier to secure a grant or donation to equip a lab with software than it is to procure a whole slew of student licenses.