Over the past 13 years, I've tromped all over our attic, mostly to add lighting. Add nearly 20 years of settling, and the insulation in our attic was looking pretty pitiful. I got a quote from a contractor to add more, and it came back at $2700.
So we DIYed it. I rented a Uhaul truck to bring the 100 bags of cellulose home from Menards, and we made a family work project out of it. It being our first time ever blowing insulation into the house, it...didn't go exactly smoothly. A couple bags' worth of insulation ended up in our flower beds and grass, DW got all frustrated at one point, and my teenage son applied the fluff rather unevenly (30% of the attic got next to nothing, a couple areas got a couple feet of the stuff), but we did it. At least I know the kids' bedrooms are well-insulated for this winter...
Our total cost (so far): about $1500 all in. We'll get about $500 of that back from the federal government and the Menards rebates. I expect we'll need to do a Round 2 to add another 50 bags, with me running the hose this time so that we get the insulation better distributed.
Payback period? We'll see. This project was less about the financial returns, and more about increasing the comfort level in our home. Our kids' bedrooms get hot in the summer and cold in the winter, and I'm hoping this will help.