Add information about the current project status (#2691)

- Update install process both for master and v0.2 branch
- Add information about new CRD impl
- Add information about deprecating api-server based impl

README.md

@@ -34,17 +34,15 @@ Open Service Broker API project's [Getting Started guide](https://github.com/ope
 
 ### Project Status
 
-We are currently working toward a beta-quality release to be used in conjunction with
-Kubernetes 1.9. See the
-[milestones list](https://github.com/kubernetes-sigs/service-catalog/milestones?direction=desc&sort=due_date&state=open)
+Service Catalog recently switched to a new [CRDs-based](https://kubernetes.io/docs/concepts/extend-kubernetes/api-extension/custom-resources/#custom-resources) architecture. The old API Server-based implementation is available on the [v0.2 branch](https://github.com/kubernetes-sigs/service-catalog/tree/v0.2). We support this implementation by providing bug fixes until July 2020.
+
+We are currently working towards a beta-quality release. See the [milestones list](https://github.com/kubernetes-sigs/service-catalog/milestones?direction=desc&sort=due_date&state=open)
 for information about the issues and PRs in current and future milestones.
 
 The project [roadmap](https://github.com/kubernetes-sigs/service-catalog/wiki/Roadmap)
 contains information about our high-level goals for future milestones.
 
-We are currently making weekly releases; see the
-[release process](https://github.com/kubernetes-sigs/service-catalog/wiki/Release-Process)
-for more information.
+The release process of Service Catalog is described [here](https://github.com/kubernetes-sigs/service-catalog/wiki/Release-Process).
 
 ### Terminology
 

charts/catalog/README.md

@@ -11,7 +11,7 @@ For more information,
 
 ## Prerequisites
 
-- Kubernetes 1.7+ with Beta APIs enabled
+- Kubernetes 1.12+
 - `charts/catalog` already exists in your local machine
 
 ## Installing the Chart