I am not thrilled that Bausch & Lomb is no longer in the binoculars/scope business, but it's a USRAC/Winchester trademark thing anyway. I would about guarantee that the B&L Elite series has been made for the last 10-20 years entirely in Asia, probably in Japan by Vixen. Last I heard, Nikon was building a lot of their scopes in Thailand. Bushnell taking over the Elite line means nothing unless their quality standards decrease with the change.
Ever notice that the roof prism binoculars offered by Cabelas, Mead, Burris, Simmons, etc. have pretty much identical bodies? I think that there are some differences in internals since the cost varies, but I bet all these companies are slapping their names on binoculars manufactured to their specs by the same company.
And this is not a flame; I think that I would be entirely comfortable buying a Nikon buckmaster made in Thailand. It'll be better than the $70 model, and I sure don't shoot enough right now to appreciate the functional difference between the buckmaster and the Schmidt&Bender.
Like everyone says, the nice thing about optics is that you generally get what you pay for. With some careful exceptions, brand is probably less important than price.
OK, I am running for cover... :)