Dave's suggestion for building up the floor is a good idea. By doing this you leave enough space for adequate insulation. The reason the cellulose is higher than te floor is that sufficient space wasn't allotted to begin with.
As far as the cellulose is concerned, in a limited space it gives a relatively high R-Value per inch. Where R-38 is about 12 - 12 3/4 inches with standard fiberglass batting (The high density batting is 10" - 10 1/2" = R-38. It's quite expensive!), About 10" of cellulose is R-38 (blown fiberglass takes 14 - 18 inches). The higher density of cellulose also provides a more consistant R value as it is less prone to convection, even in extreme temperatures (blown fiberglass, because of it's lack of density, looses effectiveness. One study stated that at an attic temperature of -18 F, R-value is cut by 50%).
My suggestion goes w/ Dave. Build up the floor, perhaps re-blowing cellulose to restore any loss caused by working in the attic. Where a good mask!