Cubes done right are fine. I had "office cubes" with 6ft tall walls and ~40sq ft of space, and they were awesome. Plenty of space to stretch out, room for a bookshelf and a chair for visitors, a computer desk and a writing desk.
Noise could be a little much, but people were generally polite and quiet.
My next job was literally a desk in the middle of the floor. All the prime employees had desks that went along the edge of the wall, forming a horseshoe and, when they ran out of room, they started putting desks in the center. So i was basically working on a stage in front of 40 people. It was awful, but I never slacked off! (well, i went for walks a lot)