Note that I did't say put your music on, headphones are enough to say 'do not disturb'
Currently, some at my company use unused meeting rooms as quiet space but generally prefer an open environment, with headphones on or off. A growing number prefer a casual, social environment like couches and tables rather than desks.
A strong influencing factor is the amount of collaborative work. Those who are working alone on projects tend to be solitary, while those who make many collaborative decisions want to be closer to others. This may reduce the need for formal meetings, which allocate blocks of time for a whole group that may not be necessary or efficient.
I just can't imagine going back to cubicles, or isolation. The distraction I get is more than made up for by the camaraderie and communication that naturally occurs. Although to be fair I've never been in a seriously dense open office environment -- that might change my perspective.