There isn't a "right" answer. There are two types of people. Those that can work in noise, and still focus, and those that can't.
Personally I always need noise when I'm working. Today there is hardly anybody here, and the silence is distracting me. The guy who sits beside me loves it.
There are times I need to tune out and get in a zone, in which I put in my earbuds and code. Other times, I'm talking with coworkers to solve a problem at someones desk. It works for some, being in an open plan office. But others like their solitude.
There is no perfect solution. In any event, keep teams close to one another so their conversations don't affect other teams as much. Whether in offices or an open plan. We move seats frequently where I work. On average, it seems you keep a seat for a year...then you'll be moving. Either because you're on a new team, and need to sit with them. Or the team next to you grew, and need your seat and people get shuffled to keep groups together. On top of that, if teams have overlap, they should be seated beside one another, with the "overlappers" in the middle.
The biggest flaw I think we have, is that some of our PMs actually have their own office. They fall out of touch with what is going on, because they aren't in the middle of it all day. They only are kept in the loop by email or if we explicitly mention something. But some problems are found and solved without email and/or meetings simply because they people needed to solve it already sit beside each other. They can just get the work done.
While it does reduce my productivity being interrupted, if not getting an answer prevents you from continuing your work, as a team, productivity gains by you interrupting me.
We work as a team, individual productivity comes second to team productivity. And the only way a team can be highly productive, is if they are highly communicative. Which means, walls, offices, etc are a hindrance. IMHO.
In an office I would struggle with a problem, because calling someone to the office is a bother and a HUGE distraction when they must leave their desk. In the open, I can ask the three people sitting near me, and 9 times out of 10, one of them will have the solution. That's many hours saved over the course of a week. And huge gains in productivity.