I've read a lot of PHP hate over the years, but I've found working with it in practice to be decidedly...not bad. Perhaps the codebase I inherited is better than most. But I've had to make some fairly major updates, and they've proven to be far less painful than I had expected based on the amount of PHP attacks I'd read online.
Maybe the snobbery toward PHP is a good thing? There are some really big PHP-based communities out there, Wordpress being probably the largest. And in these communities, there appears to be a large demand for paid consulting and plugins. Sure, there's a ton of competition on the low end, but it's an area where a really great developer could stand out from the crowd and do very well financially, especially for more complex consulting and dev work since so many good developers turn their noses up at PHP.