As with most posts here on the hide, the following is my opinion and YMMV. Having said that I disagree with some of what was posted above. The more time I spend spotting steel at 700 to 1300 yds the more I like doing so with my 10x32 binos on a tripod and less with the 20+ power spotter. The magnification is lower yes, but the image clarity is at least as high and I'm using both eyes which reduces the eye strain to almost zero. I think bullet trace is easier to see and the principal of using two eyes vs 1 makes intuitive sense to me. Clarity is far more important than power, that's why people spend piles of money on good glass not more magnification. Do the math, even a pair of modestly good 10x32 binos have nearly the same light gathering ability as a 50mm spotter, and bigger exit pupils if the spotter is powered above 16. Now change the comparison to a good pair of 10x42 binos and it's no longer a contest in my book. 10 power is about the highest you would want with hand-held binos granted, but 10 is far from useless for spotting deer in the brush or open hills. At competitions I am an out-lier for sure, but I've never had trouble spotting hits or misses and have often been able to see stuff that the RO zoomed in on 20 power and looking into a dim 2mm exit pupil with one eye could not. Just my .02, but I'd spend the money on a decent pair of range finding binos, a tripod, and have three tools in one package. I don't own these, but they would probably fit the bill well -->
BUSHNELL Fusion 1600 ARC 10x42 Laser Rangefinding Binoculars (201042)
Of course if you've got the money, a pair of 10x42 geovids would be even better.
Cons?
-Spotting .30 cal holes in paper at 300+ yds becomes difficult.
-A method of mounting to tripod must be found (I made my mount, 10 minutes in the shop)
-No good product on the market (yet) with a LRF and a reticle for calling correction in subtension