We experimentally investigate and analyze the rich dynamics in F=2 spinor Bose-Einstein condensates of 87Rb. An interplay between mean-field driven spin dynamics and hyperfine-changing losses in addition to interactions with the thermal component is observed. In particular, we measure conversion rates in the range of 10(-12) cm(3) s(-1) for spin-changing collisions within the F=2 manifold and spin-dependent loss rates in the range of 10(-13) cm(3) s(-1) for hyperfine-changing collisions. We observe polar behavior in the F=2 ground state of 87Rb, while we find the F=1 ground state to be ferromagnetic. We further see a magnetization for condensates prepared with nonzero total spin.