Read the conversation in the the thread "Is 1800 sq ft too small for a 4 bdr?" In there, a bunch of people and I give our input on Talise and Celeste.
I live right off of Bake Pkwy (about 200 ft away within a motorcourt) right now. The toll fwy will have more than 100 times less traffic throughout the day. It will have way less traffic than Irvine Blvd, Portola Pkwy, Alton, Sand Canyon, Jeffrey, you name it. So traffic and the resulting pollution in Talise is a total non-factor.
As far as noise, where we live now, with the master bdr large windows closed (but master bathroom window open), I can barely hear anything even during rush hour. In Talise, even if you're on the north side, you'll hear almost nothing with your windows closed. One time, my wife and I went up there around 6:30PM on a weekday, and I used my stopwatch and timed 30 sec between cars! Do you think that could ever happen on Bake or Alton or Irvine Blvd?
I read an article a couple of years ago citing a study that determined if Portola Pkwy was connected between the Foothill Ranch side and the Irvine side, the Toll Roads would lose 40% traffic (and revenue), so the article concluded it would never happen. I would think the same thing with it being turned into a freeway. It wouldn't happen in the next 40 years.