I have always been led to believe that the Cheesewring is the result of post Ice Age erosion.....so yes I think it would have looked very similar to what it does now when Neolithic Man was living on Stowes Hill.
If you can imagine the hill before the quarry was created the summit would have had a defensive crown of stones...maybe even with a wooden fence atop. The Cheesewring sits outside this wall, which I find strange...why did they not include it in, what has been suggested, a ritual area?
Rock formations were used by our earlier friends...see Showery Tor on the northwest side of the moor for the best example.
http://www.themodernantiquarian.com/site/309/showery_tor.html
We now know how these formations were created...imagine what prehistoric man thought about them....mind you, if they could build things like Stonehenge without modern technology.........