Optics is a strange world and what you get for your money is on a sliding scale. It is possible to get a reasonable quality pair for £65 and as you pay more, naturally the quality improves. The catch is when you get to the top end of the market you have to pay proportionately more and more for smaller and smaller increments in optical quality. For example I own a pair of Nikon HGL 8x42 for birding and they are absolutely superb at around a grand (yes you did read that right, tax rebate funded them) but the new Nikon EDG model I had look at recently is only a tad better at around £1400.
My personal favourites are Leica Ultravid 8x20 compacts and I carry them in preference to my Nikons if I have to walk anywhere. The are compact and light, with optical quality as good as a really expensive pair 8x42 size. They are also fully waterproof (which is a real bonus) and guaranteed for ten years. Not cheap for a compact at around £450 (Lakeside Optics:
www.lakesideoptics.co.uk) but I've yet to find anything better in compact size and I am really fussy about binoculars.
The best value for money at reasonable prices are in my opinion the Opticron Oregon LE WP (available from Lakeside Optics
http://www.lakesideoptics.co.uk/ or In Focus
http://www.at-infocus.co.uk/) at just under £100. My daughter has a pair and for the price they are very good. Going up value-wise the slightly dearer Opticron 8x42 size in various specs are around £150 but are really quite good as well, and unless you are looking to go serious birding about as good as you might expect to want in everyday use. My final comment on optics is they are very much a matter of personal choice, one person will like one type and someone else another, it is a good idea to try under "real" circumstances if you can. Both the compnies I have given web addresses for are guys I deal with regularly who have impeccable reputations and they encourage and help you to take time to try the items out thoroughly and hence ensure you buy what is right for you (and I promise you won't get a hardsell attempt to make you spend more than you want either, you will get asked what you want to spend and will be given a range of models to try in that price bracket).
The Nikon Travelites are good for the money (and very durtable) so you should be pleased with them.
Incidentally I have a pair of small Praktica 9x21 compacts that are okay if anyone is interested and fancies making me an offer (please pm me) that I used for some years before buying the Leicas, they really made me fall in love with the idea of having a pair of compacts tucked away in a pocket.