There comes a point in spending money on anything where additional money spent gets you an imperceptible difference in quality. The few hundred dollars difference between a $75 binocular and a $275 binocular is money well spent. However, the more high-end you get the less you get for the next jump in price (my eyes can see no difference between the $1200 binocular and the $2500 binocular - money wasted, at least on me).
I was looking for the best 8x42 binocular under $1000. I considered the Nikon Monarch ATB (still the best binocular under $300), and the Zeiss Conquest. A friend recommended the Vortex Viper, and I had never heard of them. I researched on line and found nothing but rave reviews (Field and Stream Best of the Best; birddigiscoping.com; and various message boards). I then compared them to the Nikon and the Zeiss - WOW. They blew the Nikons away! - much better brightness, contrast, resolution, and edge sharpness. Definitely worth the extra couple of hundred. Compared to the Zeiss they were hard to tell apart. The Vortex was actually brighter than the Zeiss! If you want a better binocular than the Vortex Viper you are going to have to spend $1400+ on a high-end model from the big 3. And, even then, the fractional difference you get as compared to the viper is a waste of a grand.
Pros: Brightness and contrast
Cons: can't find any!
This review was written in the old system and had content requirements that are different than reviews written today.