The Immaterium can be described as a layered cake. Being a dimension not only in cosmological but also in a mathematical sense, Warp has a coordinate component of 'depth' to it, with Realspace being at 0, and it's properties radically altering as the component increases.
First, right near the realspace and spatially corresponding to it directly is Warp's outer boundary, more realspace than Warp, where demons cannot even survive for long without additional sustenance and which they cannot casually breach; it is travelled by Tau ships and houses the Webway gates. It doesn't look much different than correcsponding realspace, except when it does. Unlike with other regions of Warp, you cannot travel into or our of this here by physical movement.
Then, there's the inner boundary of Warp, housing the Webway, and within it the Black Library, the fragmented city of Commorragh, and many other interesting places. It still corresponds nearly directly to realspace, but if you know what you are doing, you can find some very impressive shortcuts - and the ancient engineers of the Webway knew what they were doing pretty well. When a tunnel of the Webway gets breached, the daemons are in fact able to flood it, unlike with breaches of the Tau ships in the outer boundary - but it's still hard for them. Outside of the tunnels, it's a shadowy, dark, thick emptyness.
Then, the higher regions of Warp proper. This is what the ships of Imperium and Orks traverse. correspodence of space to realspace starts to break down and shift in time. Travel times are short on average, but really inconsistent, unless you really, really know what you are doing, and neither Navigators nor Weirdboyz do. Demons here live in constant soul-hunger, but still patrol prospective locations in wait of potential rewards. From inside it looks like space, but shifting and undulating in various colors - mostly shades of red and yellow, which you'll see even if you lack appropriate color recognition cells in your eyes. While your mind is probably getting warped.
Next is the middle layer of the Warp, the Formless Wastes. This is a chaotic mess of free-range thoughts and concepts, demons, dead souls in hiding, and various weird bullshit. The correspodence with realspace isn't gone, but it's more conceptual than physical - for example, areas around populated planets and historically important sites are huge, with connections between based more on conceptual than physical closeness, and areas corresponding to empty space are tiny. The light of Astronomicon doesn't reach most of locations in this layer, and almost any ship that flies in will either be destroyed or lose course entirely. It's both possible to traverse this space by foot, as it loses most of resemblance to outer space and in many places has something like ground - except that you'll most probably die very quickly if you dare, and probably not even of demons swarming it, but of sheer clashing surrealism.
Then, the deep Warp. This place is not corresponding at all to the geography of realspace. This is where most demons live, and where most dead souls end up - to be tortured forever by those demons. This is no longer reminiscent of outer space at all - this is a flat territory of an Earthlike planet, for most mortals precieve space as that, day-to-day. Well, it's occasionally Escherian, but locally, usually, it isn't; moreover, it's stable in time. If not for the daemons and environmental hazards and anomalies, this place would be actually safe to travel by foot - and it is, if you are in a territory of a Chaos God who has a LOT of favor for you, or if you are such a raging badass that even greater demons decide that messing with you isn't worth it. (Which at least one person, Kaldor Draigo, is currently managing to pull off.) This is where the influence of the Four is the strongest, and in fact, the territory is divided entirely between their daemonic kingdoms - Realm of the Sorcerer, Land of the Plaguelord, Dark Prince's Realm, and the Blood God's Domain, with landscapes shaped by their essences. A planet that is a different timeline version of dath ilan might concisely call this place by a single-syllable word - Hell.
Finally, there is the far Warp. Utterly unstable and rather untethered from time, this place is directly linked with far past and with possible futures. Here are the embryos of future Warp Gods, corpses of the slain Warp beings of the past, thoughts unthought and gifts ungiven, ossified conceptstuff of the past millenia, and who knows what else. This accursed abyss is far too unstable for any known properly sentient being to survive here for long, even for demons or Chaos Gods. This place is almost entirely unknown, and entrances to it are rare - in only the deepest cracks and darkest caves of the kingdoms of deep Immaterium, and in sealed mines in the basements of the Four's seats of power. Demons whisper among each other that something or someone occasionally comes up from there with no warning, slaughters an entire demonic village with no witnesses or survivors, and goes back in, without a trace.