My current environment is not my favorite - large open room with entire management and staff at rows of desks.
I would hate to work in a large open room like this. While there are good points about collaboration when people are in close proximity, my favorite work is development, and I really want a quiet environment to do that.
Where I work now, we have several rooms that have been filled with about 6 cubicles each. (and I vote for 5 foot walls, not lower) So, I might be able to shout over the cubicle to one person, but not another. What we have found works really well is to have Instant Messaging set up, so we can quickly ask a question of someone in another room. What I really like is that it is an instant but quiet way to communicate!
Also, I really like to have personal things in my space, especially photos on the walls, so I can take visual breaks. I would go crazy if I had a desk in an open space.