Here's some better reference pics...

http://en.memory-alpha.org/wiki/File...t_Farpoint.jpg
http://en.memory-alpha.org/wiki/File...in_drydock.jpg
http://en.memory-alpha.org/wiki/File...lsior,_aft.jpg
http://en.memory-alpha.org/wiki/File..._torpedoes.jpg

As you can see from these shots, the nacelles are only slightly above the saucer. Just enough to conform to the "rule" that buzzard collectors should not be blocked by any other part of the ship.