Generally means that one of the disks in the RAID5 array is no longer participating. This could indicate a bad disk, the controller can't see the disk (cable disconnected, etc), the controller can't recognize the disk (corrupt data), that sort of thing.
This means you don't have redundancy..if another disk drops out of the array, the array will no longer be usable and you will lose the data. Performance will suffer as the controller will have to reassemble the missing data from the parity blocks on the other disks. Once you have fixed or replaced the disk, the array will need to be rebuilt. This uses the parity blocks from the working disks to rewrite the missing disk's data.