I guess I will add one thought about this.
I see light transmission as simply the percentage of photons that make it through the binocular without being internally absorbed by glass or rejected at the glass to air surfaces. Even if a photon is transmitted, however, it may not wind up focused where it's supposed to be on the retina because of high aberrations.
High spherical aberration, for instance, allows some photons from the inner part of the objective to reach focus on the retina while simultaneously spreading the photons from the outer part of the objective into a haze of unfocused light. It causes the image of a centered star to look like a focused point imbedded in a hazy disc of light. Lots of photons may strike the retina if the transmission is high, but the image won't look transparent if too large a percentage of the transmitted light is not well focused. So, I guess for me high transparency requires both high transmission and low aberrations, something you just can't count from every binocular or from every specimen even when a binocular model is capable of it.