I started taking binos a lot more seriously when PA went to their Antler Restrictions to look deer over closer, and I wish I had bought a good pair sooner.
Same here Matt.
Like most other hunters that I know I had a pair of cheap 8x21 or 10x25 Tasco/Bushnell compacts that I would stuff in my pack every year yet I cannot honestly remember one time that I pulled them out to use them. Once antler restrictions went into effect I realized just how important a piece of equipment they are.
Thus I began to start investing in more and better quality binoculars. After several years of trying to find a cheap way of getting a decent set of binocs I finally antied up and bought a more expensive, quality pair....
...but not before doing alot of research first. The reason many folks choose those compact models is because of their size and lightweight characteristics and yet it is those very characteristics which restrict their effectiveness at spotting game, especially in low light conditions.
Having said that I would generally recommend one of three sizes....8x30(or 32s), 8x40(or 42s) and, my personal choice, 10x42s. Many folks feel that a 10x magnfication is too much and does not allow the user to hold the image perfectly steady. This may be true but varies from individual to individual thus making it an issue that you really need to try to determine on your own. Personally I have found the higher magnification to be nothing but beneficial when trying to count 1 inch points on a bucks rack at 50 yards.
The next thing you want to look for is the type and amount of coating that is being used on the binoculars lenses. There are really three types listed.....fully coated optics, multi-coated optics and phase coated optics. The first two you will find more often than not on just about all optics but the very cheapest. The latter is not normally found on anything less than $250-$300.
At this point I think I should point out that I am referring to Roof Prism binoculars and not Porro Prism models. Roof prism binoculars use more lenses/mirror to get the image to your eye thus they require a special "phase coating" in order to get them to the same brightness level as a porro prism model. Porro prism models are bright but tend to be bigger and bulkier plus more difficult to make waterproof. The plus side for them though is that they are usually significantly less expensive than their roof prism counterparts when comparing brightness and clarity levels from the same or similar quality level companies/models.
It really all comes down to how much you want to spend. There are some decent $100 models out there but there is a noticeable difference in clarity, design and brightness between them and their $300 counterparts...
...just as there is between the $300 models and the $600...and so on and so forth.
Buy the best you can afford and that is practical for your hunting situation.