As I understand it, the Cabelas euros are simply Meopta meostar B1 binoculars.
http://www.meoptasportsoptics.com/us/
I think the main difference is that the RE-BRANDED ones that say cabelas on them come in a smaller variety.
If you were seriously looking at the Euros, I would say go look at the Meopta line up and you may find that there is a binocular available with the Meopta name on it, that is not available with the cabelas name on it.
I know that my next pair of binos will be the Meopta 8 X 56mm.
Not available with the cabelas name on it, but I would rather have the Meopta name on it anyways. It is after all, a Meopta set of binos.
You are really not comparing cabelas binos to Zen-Ray. You are comparing Meopta to Zen-Ray.
The Czech Republic brand may be confusing though.
They have manufacturing facilities in Long island New York, as well as the Czech Republic.
As I understand it, the Cabelas binos are made in new york.