I've been in bullpens and 5 foot high cubes. I prefer the cubes. But i do have to say there is something for working in the computer room. Granted, at the end of the day you feel like you've been on a Boeing 707 to nowhere, but the white noise can be quite useful.

At one job I would work in the computer room on occasion. Low traffic and only the din of fans. Then again, the infrastructure folks took a dim view of it after I put the BSOD screen saver on a production server...and they rebooted it...twice. After that I wasn't allowed in without an escort. Of course it was funny later.