I will be the first to admit that I haven't taken the time to read the research literature related to this topic. (Though if you believe a reporter-generated synopsis of the general findings, open office plans don't work.) My take on the issue is based on experience and gut feeling. In my mind, the arrangement of the office serves to attenuate whatever positive or negative feelings you have towards your situation (in addition to whatever measurable effects they might have on noise, productivity, etc.)
I've been in shared offices, both with and without windows to the outside world; in private offices, with and without windows; in a completely open office setting (no cubicles whatsoever); and in a shared space with low-walled cubicles. Although I was always working with people whose company I enjoyed, I found the low-walled cubicles the worst of the bunch -- although they provided a physical demarcation, the cubicles were far too close to each other to provide any feeling of personal space. The completely open office setting led to everyone wearing earphones to cut down on distractions (though it did have the advantage of seeing who was "available" at any given point in time). Being in an office, even if it is shared, gives a sense of permanence. Cubicles give a feeling of being replaceable/interchangeable.
But it is not just the office layout that is important. If the space itself is nice (the chairs are comfortable, the technology is modern, the temperature control is adequate, etc.), that can help. A mold-infested private office in a dank basement is probably less desirable than a shared office with natural light or even a decent cubicle.
At the end of the day, the office environment tells a story about how the organization views its workers. If there is a mismatch between the environment that an employee feels is a prerequisite to performing at a professional level and that which is provided, there will be tension. Employees usually want a sense of ownership and autonomy, and that can be more difficult to engender in a shared or open space that feels "temporary." (It is curious that managers rarely, if ever, believe that shared offices will make themselves more productive.) A substandard or ill-conceived working environment can make statements like "We value our employees" ring hollow.

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