The curvature of the Universe (measured on the aggregate) is highly unlikely to be exactly flat. We know from the CMB that Ω is somewhere between 0.99 and 1.01, and probably much closer to 1 than that (Ω=1 is, of course, the hallmark of a flat universe), but there's probably some distant decimal place at which it's not exactly 1. |Ω−1| is just the measurement of that deviation from true flatness, the absolute value of the difference between Ω and 1. Saying Ω is between 0.99 and 1.01 is the same as saying |Ω-1|<0.01.
The problem is that as the Universe expands, any deviation from flatness expands with it, and pretty severely. The calculation in the article is a standard one, showing that the difference |Ω−1|* must have grown by a factor of about 10^60 between the very early Universe and today. In order for Ω to be as close to 1 as it is today, back then it must have been ridiculously closer - in particular, |Ω−1|<0.01 today, so back then we can place an upper limit of |Ω−1|<10^-62, and it was quite probably even smaller. This is a serious fine-tuning problem, as we have no a priori reason to expect the Universe to start off so incredibly close to flatness. Solving this problem is one of the greatest triumphs of inflation.
*Math note: Obviously the term (Ω^−1)−1 (or 1/Ω−1) which is quoted in that formula on Wiki is different from |1−Ω|, but if Ω is very close to 1, then these two terms are almost exactly equal. The reason is that for very small x, (1+x)^n is approximately equal to 1+nx. Replace x with Ω-1, which we already know to be very small; then we have (Ω^−1)−1 = [(1+(Ω−1))^−1]−1 ~ 1−(Ω−1)−1 = 1−Ω.