Dr. Mobius in Forbidden Planet warns "One does not stare into the face of the gorgon and live!" as he shows his visitors the wonders of the Krell furnaces and we see only a kaleidoscope of changing shape and color. Not completely analogous I know, but I imagine in my minds eye the same kind of effect. Something beyond direct human comprehension.
Perhaps as a godlike creature, it can appear as it wishes or, it appears as something the observer can more readily identify with based on what they might wish or expect to see. Much like the Emperor seemed to do on occasion.
I believe, however, it was the Necrons who created the "vessels" which contain the C'Tan and allow them to interact with other beings. So I imagine the vessel might, in fact, look like something identifiable to the Necrontyr. In the original fluff, the C'Tan were immense amorphous intelligences and the Necrontyr only discovered their existence once they had achieved fantastic levels of technology themselves.
What if, however, the Dragon lost its Necrontyr "vessel" due to the Emperor and now resides solely within the chamber on/in Mars which is a rough facsimile of that Necron containment. Perhaps this is why the Dragon communicates via dreams and such as it can't do much else in its semi-amorphous state. Done purposely, of course, by the Emperor in order to control the dragon yet not disipate it beyond its usefulness.
I would imagine this is why it is often see as slumbering. It is at the limit of its ability to interact with mortals.
Just some thoughts.
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