With laptops and no PHBs why even make a decision?
I really like both. When doing work that is highly collaborative it's nice to have everyone in spitting distance. When I have have no need for discussion with others I love my solitary hackathons. The most productive times I've had were moving back and forth between the two environments freely.
The funny thing is that standard cubicles are well-suited to making it difficult for you to do that.
Cubicles are neither private, nor collaborative. Cubicles create social barriers between you and your neighbors, yet do little to block the flow of noise in the environment. There's no real privacy, yet no sense that collaboration is encouraged.
I really like both. When doing work that is highly collaborative it's nice to have everyone in spitting distance. When I have have no need for discussion with others I love my solitary hackathons. The most productive times I've had were moving back and forth between the two environments freely.