It's not unusual to remove the 5th degree from a chord when playing the 7th or higher (9th, 11th, etc.) extensions. The two main reasons for doing this are:
1. It makes the fingering of the chord easier (or, in some cases, possible in the first place)
2. It can make the chord sound better. Often too many notes can make a chord sound "muddy" (especially with a little overdrive).
Each of the notes in the chord add a certain characteristic.
Considering triads: the root note is obviously very important to the chord. The 3rd is important as it indicates the chord's nature as a major or minor chord. The fifth of the chord probably is the least important note to the chord. It is important for diminished and augmented chords, but these are less common chords, and don't tend to be used that much with extensions.
Note that when playing "diads" or two note "power chords", the root and fifth are played. The root is essential. The fifth is there to fatten the root up (otherwise it would just be a single note). The absence of the third makes power chords neither major nor minor (so they works over both major and minor keys).
For extended chords, you are adding new notes which have their own character (e.g. Dominant, Major 7th, 9th, etc.). The very act of doing this means you are placing some importance on this character. So even with extended chords, the 5th is still usually the least important note and can be dropped without much impact on the character of the chord.
Cheers,
Keith