Well I'll throw in my 2 cents. A while back I went on a Binocular learning binge and tried out every pair I could get my hands on, cheap, middle and REALLY EXPENSIVE (when I went to Bass Pro.) For the most part what people say is true, you do get what you pay for with binos. I splurged and bought a set of Pentax DCFHR 10x42 and they are beautiful to my eye and were about $400 or so. I couldn't afford the Leica's, Nigh end Nikon's, Zeiss, and the others. I got a cheap set to beat around at football games and such for $40 or so. You could certainly tell the difference in those and mine, but I knew I would be able to.
FF to a year or so ago. I got tired of getting out my binos every time we were sitting outside and someone wanted to look at a bird or something so I went to Wally and looked at what they had. They stocked a set of Bushnell's that were zoom lenses, something like 8X-15X. I found them online for $20 and bought them. I was very pleasantly surprised at the quality.
Now I have had to rearrange my thinking on Binos. This is what I believe now. There certainly IS a difference in the very expensive binos, no questions about it, but it isn't as big of one as BINO salesmen will have you believe. If you use them mostly in daylight you won't see that much of a difference in a mid priced bino vs. a HIGH END Bino, unless you are really picky or have a really good eye. The difference you will readily see and where the HIGH DOLLAR Binos come to the forefront is when the light starts to disappear. The coatings and lens treatments they have make a whale of a difference in the low light..
I'd love to have a set of leica Binos, but I swear I don't know if I could really tell the difference in those and mine if the light was really bright out when I was using them.
Nalajr