In the following I use a vector hat to represent a quaternion and a unit vector hat to represent a unit quaternion.
Let q(t) represent the quaternion rotation at any point in time. Let r be a quaternion representing the rotation traveled through in the time period delta t. Then we have:
$$\hat q(0)=\hat q_0$$ and
$$\hat q(\Delta t)=\hat r\hat q_0$$
If we realize that the change from time zero to time delta t is linear we can get:
$$\hat q(t)=\hat r^{t/\Delta t}\hat q_0$$
Using Euler's Formula we obtain:
$$\hat r=e^{\frac{\theta}{2}\hat u}$$
For some angle theta and axis of rotation u (Note that u has no real part and is a "pure" quaternion). This leads us to:
$$\hat r^{t/\Delta t}=exp(\frac{\theta}{2}\hat u\frac t {\Delta t})$$
Plugging this in we obtain:
$$\hat q(t)=exp(\frac{\theta}{2}\hat u\frac t {\Delta t})\hat q_0$$
Taking the derivative of both sides we obtain:
$$\hat q'=\frac {\theta \hat u} {2 \Delta t} exp(\frac{\theta}{2}\hat u\frac t {\Delta t})\hat q_0$$
$$\hat q'=\frac {\theta \hat u} {2 \Delta t}\hat q$$
If we note that:
$$\frac \theta {\Delta t} = w$$
For some scalar w. This represents the magnitude of the angular velocity. The axis of rotation is the vector given by u (u has no real part).
Or we could put it more bluntly if we say that:
$$\vec w=w\hat u=w_x i+w_y j+ w_z k$$
This gives us:
$$\hat q'=\frac 1 2 \vec w \hat q$$
Now the formula that you are citing is actually not exact but only approximate......You can say for "small" delta t's that:
$$\frac {\Delta \hat {q}} {\Delta t} \approx \frac 1 2 \vec w \hat q$$
And since delta t is small we can choose any value within that time period for q, so we choose the one we already have:
$$\frac {\Delta \hat {q}} {\Delta t} \approx \frac 1 2 \vec w \hat q_{old}$$
$${\Delta \hat {q}} \approx \frac 1 2 \vec w \hat q_{old} {\Delta t}$$
$$\hat q_{new} \approx \frac 1 2 \vec w \hat q_{old} {\Delta t} + \hat q_{old}$$
$$\hat q_{new} \approx (\frac 1 2 \vec w {\Delta t} + 1)\hat q_{old}$$
The formula you link to comes from solving the differential equation and is an exact formula