The Oregon Secretary of State says the initiative petition for a top-two system is valid, and the measure will appear on the November 2014 ballot. This article says that proponents have already raised $547,300, although they have spent most of it on paid circulators.
Proponents’ slogan seems to be that the initiative treats all voters equally, a claim that is not true. If the top-two measure is passed, based on how it works in California and Washington, registered Democrats will almost always be able to vote for a member of their party in November. In most elections, Republicans will also. But members of minor parties won’t be able to vote for members of their party in November. Thus the idea doesn’t treat all voters equally. Almost 7% of Oregon’s voters are members of minor parties.