Binoculars for bugs? Yes, indeed! The Pentax Papilio 8.5 x 21 binoculars work great for birds that are far away, but also focus on that butterfly that landed on your knee! Really awesome. They run about $150. Or you could opt for the Pentax Papilio 6.5 with less magnification, but a wider field of view, which makes it easier to keep an active insect in frame. They cost around $130.
Click for more info