Compared to no walls at all? Fuck yeah. When I was at IBM, they had us (~60 people) in one big room, with no walls, no noise-dampening, right next-door to a server room (with the accompanying server hum coming through the walls). I used to go downstairs to the "cubicle hell" area and just walk around and dream about how nice it would be to work down there. There was a point I'd have paid money to move to the cube-farms, compared to the hell-hole we were in.