I think the perfect whitetail hunting binos if you don't have the big $$ is one of the few really good pairs of full sized roof prism binos that are waterproof and have high quality phase coated/cerrected prisms in an 8X42. You need a good sized objective diameter for when they will benefit you the most........LOW LIGHT. There isn't a compact pair of binos that I have ever seen that will gather similar light.
Nikon Monarch
Bushnell Legend
Pentax DCF-WP
Unless you live behind your binoculars, these are the last ones you'll ever need for whitetail hunting.
I agree with Matt's comments 100%. After spending money on the inexpensive sub-$100 Busnhells, Simmons and Tasco for many years I finally decided to upgrade to a somewhat more expensive pair of binoculars and I am very glad that I did. The list and reason Matt provided are spot-on with my experiences....though I tend to prefer the 10x42s to the 8x42s.
Ofcourse, if money is not an issue then the Nikon Venturer LXs or the Brunton Epochs are the way to go.....but then again I could also finance another economical car for the price of those binoculars....