What do the Q look like? Do the Q actually have any sort of physical form that humans can perceive, or are they incorporeal?
2 Answers
The Q are(most likely) beyond human perception
In the Voyager episode "Death Wish" the crew is actually brought to the continuum.
The Continuum is manifested in this form so that it will "Fall within [human] comprehension."
There is a road that represents how the Q travel space and time, as well as various people and objects that the Q take turns 'being.'
That said, the Q tend to underestimate human abilities(even if they may fear our potential), so it's possible that the Q gave Voyagers crew a more-dumbed-down-than-necessary version of their reality. At the very least, the Q don't consider humanity capable of perceiving them.
Captain Picard is probably the human who came closest to perceiving what the Q are/what their reality is. In "All Good Things", he closes an anomaly that threatens the human race by co-coordinating three Enterprise crews across three moments in time, and even this seems to be barely scratching the surface of the level at which the Q exist.
The closest we see to a Q in its "natural" form may be when Q chases the Enterprise in the form of a sphere of energy in the pilot episode of TNG, Encounter at Farpoint(at about 11:40 in part 1). However, there's no real evidence that this sphere isn't just another form Q is slipping into for his own amusement.
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2While it'd be nice if you explained why you believe this, it is incorrect. If you watch the first scene after the opening credits, you get the following dialog. Picard: "You're no Starfleet admiral, Q." Q: "Neither am I an Aldebaran serpent, Captain, but you accepted me as such." You can read about Aldebaran serpents on Memory Alpha. Commented Dec 15, 2016 at 22:01