docs: Update release documentation and add backport policies

- Revised instructions to reflect the release of version 1.0.0.
- Removed outdated milestone references; transitioning to a 6-week release cycle.
- Eliminated obsolete process instructions.
- Added guidelines for PATCH releases.
- Defined backport policy.

RELEASING.md

@@ -12,7 +12,7 @@ Before starting, ensure the milestone is cleaned up. All issues that need to
 get into the release should be closed and any issue that won't make the release
 should be pushed to the next milestone.
 
-These instructions use `v0.Y.0` as the example release. Please ensure to replace
+These instructions use `v1.MINOR.PATCH` as the example release. Please ensure to replace
 the version with the correct release being cut. It is also assumed that the upstream
 operator-framework/catalogd repository is the `upstream` remote on your machine.
 
@@ -25,19 +25,52 @@ operator-framework/catalogd repository is the `upstream` remote on your machine:
      git checkout main
      git fetch upstream
      git pull upstream main
-     git checkout -b release-v0.Y
-     git push upstream release-v0.Y
+     git checkout -b release-v1.Y
+     git push upstream release-v1.Y
      ```
 
 2. Tag the release:
 
    - ```sh
-     git tag -am "catalogd v0.Y.0" v0.Y.0
-     git push upstream v0.Y.0
+     git tag -am "catalogd v1.Y.0" v1.Y.0
+     git push upstream v1.Y.0
      ```
 
 3. Check the status of the [release GitHub Action](https://github.com/operator-framework/catalogd/actions/workflows/release.yaml).
 Once it is complete, the new release should appear on the [release page](https://github.com/operator-framework/catalogd/releases).
 
-4. Clean up the GitHub milestone:
-   - In the [GitHub milestone](https://github.com/operator-framework/catalogd/milestones), bump any open issues to the following release and then close out the milestone.
+### Procedure for Patch Releases
+
+1. Cherry-pick the commit(s) to the release branch:
+
+   - ```sh
+     git checkout release-v1.Y
+     git cherry-pick -x COMMIT_HASH
+     git push upstream release-v1.Y
+     ```
+
+2. Tag the release:
+
+   ```sh
+   git tag -am "catalogd v1.Y.Z" v1.Y.Z
+   git push upstream v1.Y.Z
+   ```
+
+3. Check the status of the [release GitHub Action](https://github.com/operator-framework/catalogd/actions/workflows/release.yaml).
+   Once it is complete, the new release should appear on the [release page](https://github.com/operator-framework/catalogd/releases).
+
+## Backporting Policy
+
+Mainly critical issue fixes are backported to the most recent minor release.
+Special backport requests can be discussed during the weekly Community meeting or via Slack channel; 
+this does not guarantee an exceptional backport will be created. 
+
+Occasionally non-critical issue fixes will be backported, either at an approver’s discretion or by request as noted above. 
+For information on contacting maintainers and attending meetings, check the community repository.
+
+### Process
+
+1. Create a PR with the fix cherry-picked against to the release branch.
+2. Ask for a review from the maintainers.
+3. Once approved, merge the PR and perform the Patch Release steps above.
+