General consensus is that it is still usually indexed/ranked but the value is diminished (and they may be going in the direction of completely ignoring it).
1. The title tag (title)
Title tags to users and search engines know the specific topic of the page is.
2. The description tag (description)
Page description meta tag gives Google and other search engines content summary page.
Tabbed Content is any content that resides on a single URL but requires another click for the user to see. It’s content that is not immediately apparent or visible to someone who lands on the page.
General consensus is that it is still usually indexed/ranked but the value is diminished (and they may be going in the direction of completely ignoring it).
To add to this, I have been presented with a work around to this:
Hidden Text in Websites - SEO Chat instead of having hidden div's to use the z-index and absolute positioning css features to workaround this problem mostly because menus are used a lot in that way, so, search engines apparently still index these words.