The value of adding additional insulation is probably dependent on your location/climate and your planned use of the space. My thoughts are, generally speaking, you can almost never have too much insulation!
I used dense packed cellulose in my 30' x 50' pole building walls and loose blown-in in the attic. I'm very impressed with how tight the structure turned out thermally, air leakage wise and acoustically.
The advantages I found are:
DIY-able with a slight learning curve.
Creates a tight building envelope by reducing air movement and completely filling wall cavities.
Easily fills odd shaped spaces.
Deadens sound transmission through the walls very well.
Can easily be changed/fixed/modified if walls are accessed for any reason, especially when steel panels are used on the walls. The panels can be removed and cellulose will hold its shape and stay in place.
Also, due to poor planning I needed to run some electric after insulating and found that I could pretty easily push a fiberglass rod horizontally about 10' and pull a wire. Nice!
The disadvantages, I thought, were:
The need for the blower for installation, but most big box stores allow free usage of the blower with a minimum purchase. This requires that the job be completed in a timely fashion as opposed to "at your leisure".
Installation can be a bit messy with cellulose dust flying around.