Here's a response I posted recently on another bino thread:
"I have a pair of Vortex Viper 10x42 binoculars I bought last year after much research and I'm very happy with them. Great warranty(unconditional lifetime warranty...ie. anything breaks, no matter the reason, they will fix it or send you a new one!) and quality glass for around 500 bucks(maybe less for the 8x)...about as good as you'll get for that price. Really, the next step up from this would be the big three(Swarovski, Leica, Zeiss) which cost around $1500-2300.
Monarchs and Leupold binoculars are also good options and are a good value for the money. Many have used them and are happy with them.
Remember, binoculars are one of those pieces of gear that is an investment. Believe me, I know what it's like to have spending limitations, but buy quality glass now and you won't regret it...buy cheap glass and you'll be replacing it in a few years and wish you had shelled out the cash for the good stuff. Oh, and don't forget to go to the store, get the binoculars in your hands and compare them...especially under low light conditions."
I would also add that, out west, quality glass can save you a lot of time and effort searching for animals. For 500 bucks, it would be hard to beat Vortex Vipers. Happy gear hunting, Matt
ps. Vortex binos can be had cheaper on certain sites than others. You should be able to find them for right around $500