Personally, I'm not a big fan of 10x40/42mm bins. Too heavy/bulky for my requirements and handshake is an issue with 10X bins... if I need more than 7 or 8x I prefer to pull out a 20X spotter.

As to optics, more than most things in life, you get what you pay for. Glass from the "Big 3" (Leica, Swarovski, Zeiss) are excellent (I've owned some of each). Nikon's top tier bins compare favorably with the Big 3 too (maybe in some ways even better), though I don't like their ergo's.

For me, the "best" compromise one glass, glass for hiking, birding, hunting is an 8x30/32mm bin... I currently use a Leica 8x32 Ultravid, but have owned Swaro 8 and 7x30's and a Zeiss 8x32FL. The Leica is a superb glass, and built like the proverbial Teutonic tank. There are other less expensive 32mm bins that work well too... Minox comes to mind.

For backpacking however, I carry the even smaller Zeiss 8x20 Victory. Another superb glass.

Bottom line though, a really GREAT bin that doesn't cost an arm and a leg and is an excellent compromise in size, weight, power, and quality is the Bushnell Custom 7x26... a truly outstanding little glass for the money. It's what I recommend to anyone getting their first set of quality bins for just the purposes you describe.

Here's a good review:

http://www.betterviewdesired.com/Bushnell-7x26-Custom.php

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