I just bought an REI 8X42 waterproof on 20% off sale, so it came to $160. I think it is awesome and competitive with the very top binocs costing much more, if not better. I had been using Canon 12X36 IS for a long time, but these are much easier to pick up and look through quickly, the 5+ vs. 3 exit pupil having a lot to do with it, plus long eye relief. The collimation seems to be absolutely perfect, and it seems very strongly and tightly built. It focuses down to 4 feet!
Link:
http://www.rei.com/product/759472/rei-xr-8-x-42-waterproof-binoculars
The Canon IS still does what it does best, of course.
Link:
http://www.rei.com/product/759472/rei-xr-8-x-42-waterproof-binoculars
The Canon IS still does what it does best, of course.