Hi and welcome to the forum.
Unclear ingredients lists should always be treated with suspicion and generic words as "cereals" (what is it? wheat, rice, barley, corn, buckwheat they're all cereals) or "meat derivatives" should raise a few eyebrows. I couldn't find this specific food in the directory so I guess you generated your own review. It's hard to say which food will be good for your dog and much will depend on your budget too.
Also, since your new puppy has been kept on raw food so far, you have a dog used to a protein rich diet, as well as one used to a protein poor diet... finding a food that will be suitable to both will take some trial and error.
Perhaps the best thing you can do is to choose among the best food your pocket can afford (the Dog Food Directory will tell you the daily cost according to the manufacturer's guidelines) and see how both your dogs cope with them. Your elder dog can be switched progressively but the puppy should be switched overnight as he's been on raw food so far.
Air dried Vs cold pressed: air dried is simply dehydrated food, it will require adding some water to be brought back to its original state. Cold pressed is food that is processed at low temperatures (think about it like a slow cooking process... not exactly the same but it gives the idea), compacted and then extruded in pellets; it can be given on its own or soaked in water as it sometimes is hard to chew for some dogs. Both techniques claim to be as close as it gets to "natural" food and "ancestral diet", as the ingredients aren't cooked at high temperatures and therefore keep most of their nutrients and they're as close as it gets to raw food from a chemical point of view... or at least this is how the theory goes. They are both fairly new entries in the pet food industry so real benefits are more based on anecdotal evidence rather than scientific data. My dog was doing great on cold pressed, I eventually had to switch her back to kibble due to a mild intolerance to rice and cold pressed food has to have grains in it.
I hope I haven't flooded you with information!