I agree....I found my night sailing toolkit woefully short a few years ago and took it to the next level:
http://www.flir.com/marine/oceanscout/
Turns night into day, contrasts a MOB in red and preserves your night vision. It will cost you 8-10 flashlight-equivalents but combines the long range vision of a binocular.
but there are cheap ones of different brands for $99 to $250... these are first gen night vision scopes, and although they are no where close to the quality of the FLIR, they do pick up objects on the water a lot better than they do on land... because water absorbs most of the light, yet the object floating in it will reflect the very small amount of light it takes for the cheap scopes to work...
due to the poorer optics of the cheap scopes, one may not be able to determine exactly what they are seeing in the distance, but at least they will be able to see that something is there in the water so they can run closer and check it out...