what i would be more concerned about from an SEO point of view is the possible lack of focus on a page of this design.
phranque's point I quote above would be at the core of my concerns. The issue isn't hidden content... it's page focus. If the page content is too broad, the page ceases to be "optimized".
the programmer has come up with a solution to load ALL characteristics of this product onto one page. There could be up to say max 200 of these properties.
200 is a lot
of characteristics to include on one page... but in part it depends on the characteristics you include. If the different characteristics are likely to be included in a search query, then... by putting them all on one page... you'd be fighting yourself.
But if you were targeting, eg, a particular piece of clothing, like a shirt, you might be able to manage to include characteristics like color, size, and pattern all on one page without skewing the search targeting. These are characteristics I wouldn't normally try to target on separate pages anyway. I'd normally leave these choices to the option values in the ordering interface. The lists of colors, sizes, and patterns that would appear in your source html would in fact be expected.
If you start trying to include sets of characteristics that would normally involve specific searches, though, like brandname, style, fabric-type, catalogue number, then IMO you're muddying the waters considerably, and you'd be messing up SEO quite a bit.
Different models of products like computers, cameras, automobiles, etc, wouldn't work under the single-page arrangement at all... nor would, say, houses... since most every characteristic I can think of for these products, except perhaps color, is likely to be a specification that would probably be included in search queries... so you'd want to target them via product-specific titles that included these characteristics.
At issue also is the question of urls. If a page url changed in any way as the displayed characteristics of the product changed, then you'd be creating a dupe content situation... since the page content would remain constant while the display and the url would be changing.
And if the url didn't change, I should add, the situation would be inconvenient for a user who wanted to bookmark a specific configuration.