Bumping this to note that the highway, now called the "Rogue Valley Expressway," opened last month.
https://mailtribune.com/news/top-stories/rogue-valley-expressway-open-for-businessAfter three years of work and planning, the $120 million highway project meant to relieve congestion on Highway 62 is open for business.
The Oregon Department of Transportation announced the opening of the 4.5-mile Oregon 62 Rogue Valley Expressway just after midnight Wednesday in a concise email that said the thoroughfare is “open to traffic.” The four-lane highway starts by Poplar Drive in Medford and continues to White City near Corey Road.

(more photos at the link)
I was in the area last week and just happened to end up on the new highway, and then I realized there had been posts about it here way-back-when. It was, to me at least, underwhelming. The 55mph speed limit is, well, Oregon-silly. And traveling southbound (westbound), the "expressway" collapses to just
one lane as it merges back onto old SR 62,
before it reaches I-5, meaning there's still a nasty traffic signal before I-5. And the median is just a narrow strip with a raised barrier -- no room for expansion.
I suppose it does save some time, but I'd just barely call it an "expressway."