Like AP said, it is a special coating that helps getting the right colors in the right places, creating an image good enough for us to enjoy. Porroprism are superior for range estimation and depth perception... reason for they will be around for long still.
A binocular has to do the same thing as a telescope, but without the lenght.
Prism binos don't have the frog legs, so distoting the image so much gets it blurry... too many refraction surfaces. Phase coating puts the superimposed images (previously "broken" by the prisms) in the same plan with accuracy.
You want it!!! You can't be without one in a Prism binocular. Try Wallmart 25$ binoculars and see.
You're looking at a minimum of300$, BUT they last a lifetime! You only buy them once!
I got a Leupold 8x40. Paid 350 U$ for it, but I only cried once. I now have a binocular. I can scout for hours with my eyes glued to it...no problem. With a bad one, your eyes will try to compensate for chromatic and plane focusing aberations. in less then 15 minutes, you'll get a headacke. In 10 years, considering all the aspirins, you save big.
If you can shed money for a swaro, or Zeiss, then you got to know that looking thru them are actually a rest exercise for your eyes. Like eating candy