Based on personal experience I agree with both the Nikon Action ATB (the regular Actions series aren't waterproof and I prefer modern eyecups) or the Leupold Yosemite series. I have owned the 7x35 Action ATBs and was quite excited by their image quality for the price but, as mentioned, they are a bit heavy. The Yosemites are just the opposite in terms of weight. They are very light and the image quality is excelllent for the price. Both models are of the porro prism design which typically provides better image quality at this price point.

Check out.....

http://www.birds.cornell.edu/Publications/LivingBird/Winter2005/Age_Binos.html

...for some helpful reviews of bins in different price ranges.