I've worked in closed offices and in cubicles, and they each have their plusses and minuses. The best thing about cubicles is that you overhear some of the conversations that other members of your team are having. This can be really helpful for a small team working on a complex project, as I sometimes overhear something I should know about, or something I can give useful input into. In other words, working in cubicles can be really good for team dynamics.
On the other hand, the worst part about working in cubicles is the same thing-- your neighbor's loud conversation can be annoying and disturb your concentration. The lack of privacy can be annoying.
On balance, if I like the team I'm working with, I prefer working in the cube farm.