If I recall correctly, the Einstein de Sitter Universe is one in which:
\Omega_m = 1,
\Omega_\Lambda = 0
The major problem with this model is that numerous different observations intended to estimate the total matter density (including both dark matter and baryons) have come up with the result that it is much less than the critical density. The "concordance" value (the one that is the most consistent with all of the observations) is around Ω
m = 0.27 (or something). If you get rid of dark matter, the problem becomes much worse (EDIT: estimates that are strongly constrained by big bang nucleosynthesis models put Ω
b ~ 0.05).
When you combine that with the fact that the observations strongly favour a non-zero cosmological constant, well...