TAC,
The guys have given you good info. If you can hold off a bit the suggestion to save up a bunch more dollars and buy a superior model is worth it. Why? You have to use topend binocs to appreciate them. If you haven't you simply cannot compare with others. There are some intangibles such as they are built tougher, interior design such as how the lenses are secured is stronger and better. This means that they can be repaired, rather than thrown away as unrepairable if you have an accident. Natually the glass is higher grade, better quality, coatings etc so the image you see is sharper and you can see in much poorer light.
I am fortunate to have several topend binocs to use at any given time - as well as some lower priced binocs. Some of the lower priced binocs are very good, but they are not up to the highenders. What is "in" now with the highend binocs is light weight - they are all bringing out lighter, better handling binocs.
What pair to go for? Only your pocketbook and your own eyes can make that decision. Zeiss, Swarovski, Lieca, Nikon, Steiner and others are all superb. A real sleeper is the topend Nikon XL's, they are at least as sharp, bright and tough as the Europeans. I am amazed at how well they take on the others but they are about the same $. I have been using the newest Zeiss 8x42's and they are much lighter than my old Nightowls. In a head to head test the Nikons were sharper (higher resolution) than the Zeiss for some of the testers. I use a U.S. military resolution target to quantify and compare resolution of scopes and binocs.
Understand that there is no "best" binoc because the pair that my eyes work best with might not be the pair that your eyes see best through. When you get up to the 1000 dollar range you are usually comparing superb with superb.
I suggest that you take your time. Regardless of how much money you spend go to a big retailer and put several binocs on the counter. Then spend some time looking for the finest details you can spot, and look into the darkest, poorest lit locations in the store. I have been amazed when doing this - had several pairs of 7-35's on a Cabela's counter one time - one particular set just blew the others away. It beat binocs that were over 200 more dollars spendier.
Buying a really good set of binocs can be a lifetime investment, why not do it once and get all that saticefaction every time you use them?
If you decide not to spend more money check out the Cabela's Alaskan Guide binocs - they are great. Right about the dollars you are talking. They are very sharp and bright, great warantee, clicks on the focusing wheel, worked well for me on several recent hunts. Nikon Monarchs have also been great hunting binocs and would be in that range also - not sure if Nikon changed their name but probably still have Monarchs in their line. I know hunting guides that leave more expensive binocs at home and use Monarchs.
Good luck with your decision, hope the above does not muddy the water for you.