Dave,
This can be quite the touchy subject. The major issue with blowing cellulose into the wall is moisture. If the wall, outlets, floor, windows etc aren't completely air sealed any hot air that gets into the cavity and hits the cold outside wall will instantly condense and in turn soak the cellulose causing rot and mold. Some people have zero problems filling the walls and some people rot the walls right out and can't keep paint on the outside of the house because of the moisture trying to make its way out. I have been one at a time pulling my walls down in my 200+ year old house and sealing the exterior sheathing up tight with chaulk and foam then insulating with fiberglass and then covering the whole wall with 1/2 foil faced foam board to break the thermal bridge through the studs from the outside wall to the inside wall. I can always tell where the air leakage has been when I pull a wall down because it will be wet/frozen in the winter or you can see where the exterior boards have been stained by moisture. After I cover with sheet rock I chaulk all of the edges to make a nice tight seal. I know that blown in is quick, easy and cheap. But if your going to do something I like to try to do it right and do it only once. If you do blown in make sure that you go around with a fine toothed comb and chaulk everything you can to prevent ANY air leakage. After all air leakage is your biggest enemy.