The "new" Mad God has inherited Sheogorath's mantra - everything he stood for. Madness. THIS IS SPARTA!
Essentially the new Mad God will become more and more like Sheogorath, both in virtues and eventually literally. Bethesda wouldn't dare change his appearance.
Well...he kinda did change his appearance from http://www.uesp.net/w/images/DF-Sheogorath.gif -> http://www.uesp.net/w/images/MW-quest-Sheogorath_of_the_House_of_Troubles.jpg -> http://www.uesp.net/w/images/OB-Img-ShrineofSheogorath.JPG -> http://www.uesp.net/w/images/SI-NPC-Sheogorath.jpg, but they all did resemble the same themes, he was a snazy dresser, had a cane, and had a beard.
EDIT: Added links for his pics