I worked for a place that moved to new office space, from cube land, into "modern" open office land.
The CEO said it was "cool" and "techie" and "everybody in 'the valley' was doing it."
It sucked wind. I mean, it blew, hard. Cube land was no bargain, the cubes were about 7 by 6 feet, but at least you could pretend you had a bit of privacy to make a phone call, to send an email, to generally have your own space. Open office land was 24 inch deep, 5-foot wide desks with a foot tall divider between you and the next person. You could swivel your head and see heads in all directions, and hear and see what everybody was doing, and it was loud. You could not roll your chair back too fast for fear of clobbering the person behind you. It sucked. (Did I mention that it sucked?)
It was no place to concentrate -- it was quite focus-proof.
The open office was not chosen for the "cool" factor, it was chosen for the "cheap" factor, because it could better than double the employee per square foot density. This was a growing, profitable, privately held company, and there was no need for it, except to make the owner's take better.
Open office can work in places where it is not done for the wrong reasons. Give people some personal space, install acoustic treatments and dividers, and it can work. Treat people like sardines, and those that can swim away, will.