By moving configuration parameters out of applicationContext.xml into a Java properties file you definitely simplify the problem, but you are not solving it. You just moved the problem as well.
In practice you will have to manage several of these properties file and they will tend to be fairly complex. As your application evolves these properties files change as well, and maintaining them on all depoloyment locations is hard.
One solution that worked for me was to keep track of these different configuration file sets in the revision control system as well and the build script will take as a parameter the configuration you want to use (or the target deployment machine).