I was using moderately priced 8x42 binoculars, and they were not ideal, mainly because they were not quite as sharp as the high end glass. Two students had Swarovski's - one a 10x42 and one a 15x56. The 15x56 was best overall for spotting targets, though they are a bit heavy. My personal choice for all-around use binoculars (hunting, etc...) would be the Swarovski 10x42s if you have the bucks.
About half of the targets could not be found with binoculars, and had to be found on the scopes. In some cases we were shooting camoflaged small pepper poppers (12" wide) over 700 yards away and only slightly larger targets out to 1000. We all used the same spotting scope which was the Leupold 12-40x60mm with the TMR reticle. These were mounted on Manfrotto geared heads and good tripods for fine adjustment. At 12x it still had a wide field of view for finding targets, and you could easily zoom in and mil small targets with the reticle. You could also use the rifle scope, but it was not quite as flexible as the spotting scope.
Since we milled every target, we would spot as many as possible with binoculars up front, mark them on a range card (hand drawn map) then switch to the spotting scope and rifle for ranging. Typically both the spotter and shooter milled the same target as accurately as possible to get the range, then the spotter looked up the dope and also made the wind call. The shooter was the "monkey" who dialed and shot what the spotter called. It was much harder to be the spotter than the shooter.
Often once we started shooting, one of the two would find another target and talk the other person into that one until we found them all.