In this paper we show that it is possible to model observable behaviour of coalgebras independently from their internal dynamics, but within the general framework of representing behaviour by a map into a "final" coalgebra. In the first part of the paper we characterise Set-endofunctors F with the property that bisimilarity of elements of F-coalgebras coincides with having the same observable behaviour. We show that such functors have the final coalgebra of a rather simple nature, and preserve some weak pullbacks. We also show that this is the case if and only if F-bisimilarity corresponds to logical equivalence in the finitary fragment of the coalgebraic logic. In the second part of the paper, we present a construction of a "final" coalgebra that captures the observable behaviour of F-coalgebras. We keep the word "final" quoted since the object we are going to construct need not belong to the original category. The construction is carried out for arbitra...