Be careful when buying binos that you get them from an authorized dealer; otherwise, if you ever have a problem, you might be left holding the bag. Hotbuys.com is famous for jacking up shipping costs and trying to charge extra for items that should've been included from the factory, such as cases, lens covers, straps, etc.
Here's some Pentax SP's on Ebay for a good price from a reputable dealer. I've heard several people compliment the customer service at 17tstreetphoto.com, plus they don't deal in "grey market" goods.
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=50538&item=3842024564&rd=1
I've owned the Pentax SP's, and while I thought they were good glass for the money, they just didn't give me that "wow" feeling that I get from the Leica's, Zeiss, or Nikon Venturer's.
There are definately some good binos available in the $400.00 range, but for the most part they're still not quite up to the level of the top brands, which I consider to be Leica, Zeiss, Swarovski and the Nikon Venturer/LX's. Whether or not it's worth the extra money to get the top level of performance is up to the individual buyer.
As far as the Zeiss Conquest binos go, I think there is better glass to be had for the same money. Don't get me wrong because Zeiss produces some of the finest binos ever made, just that the Conquest's aren't their top of the line. I'm not even sure the Conquest binos can be considered the same quality as the Conquest scopes.
IMHO, one of the best buys currently available is the Zeiss 10x40 ClassiC's from Cabelas for $699.99. They're fantastic binos that have proven themselves worldwide for decades. You'd have to spend $900.00 to $1200.00 to get the same level of performance from Leica of Swarovski.
Another great deal if you don't mind the weight is the refurbished Nikon Venturer/LX's for $456.00 from ewins.com. These are the absolute best glass I've ever looked through, although they are also some of the heaviest, but not unbearable with a good strap.
Nikon has one of the best warranties in the business. The refurbs are covered by a 90 day limited warranty, after which they are backed by Nikon's "no fault" lifetime warranty that lets you return them, no questions asked, for repair or replacement for $10.00 plus the cost of return shipping, which is normally $7.50 in the lower 48.
Good luck. Sorry for rambling.