Does google and other major search engines hate web 2.0 properties?

I have found the opposite in that Google loves web 2.0 sites. If you post reviews or articles on say social media sites then you have a better success rate of getting it indexed.

A lot of marketers make a ton of money from adding their content onto web 2.0 sites.

From my experience, Google is in love with web 2.0 sites. There is no doubt about it. Try for yourself. Post article, do light link building and see the results.

From my own experience, its depends on how you deploy them, G is way ahead and done with the wheel style of doing this, at least from what I have seen.

That said G loves diverse source linking, so while there is no pat or simple answer to your question, I will say "still highly valid" with the caveat that you don't just have one big block of them linking to your money site. You need to mix the linking structure up

You should always put content on web 2.0 properties if only to diversify your link portfolio. I think the time of Google preferring web 2.0 sites has kind of passed, especially with the Panda update. Sites like Hubpages and Squidoo took a really hard hit. Overall, I'd still suggest building some links from them.

According to my experience... Not all the web 2.0 sites got the same value, especially since the Panda update which has produced two lists for these sites: "Losers" and "winners". If you can locate and use the winners, you win too.

Google is a sucker for them. But you have to careful with them and not overdo it.

I typically:
-create the web2 pages, and the first post doesn't have any links. I also create an About page.
-Two days later I add another post with my link, and I also do a nofollow link to an Authority site like wikipedia or about.com
-The next day I add another post with another link.
-7 Days after I start building backlinks to the posts on the Web2 property. (usually cheap blog comments & profiles).
-I make sure I keep the logins for all properties, so I can continually add unique content to them as the money site grows.

This Works Really Really Well for high competition keywords and provides a nice way to "money launder" spammy profile and blog comments for their link juice.....giving your money site a cleaner link profile.

With this + high pr article submissions + press releases + .edu/.gov blog posts + BMR, its very easy to outrank sites with far more backlinks. Quality over quantity.