From the Grammar viewpont veraltet and veraltend are, respectively, the Partizip II and Partizip I of the verb veralten, which means become obsolete. The Partizip I is formed as follows:
Infinitiv
+d
[+Adjektiv Endung
, if needed]
You are right. The in the form of Partizip II the verb means that it is already obsolete, out-dated, while the Partizip I means, in the process of becoming obsolete, z.B.
- schnell veraltende Methoden (methods rapidly becoming obsolete)
- veraltete Methoden (the obsolete methods)