I would think instead of like a priest/god link, it would be more like a modified, consensual, partial possession. Kind of like the familiar bond described. Basically it would normally be a low level possession, infusing the warlock with a small part of the demon essence. This would allow the bond, and if done right possibly some of the demons abilities (increased senses, faster healing, more strength and stamina, and larger mana reserves for example). Also during this “low-level” possession the demon would be able to draw mana from the warlock for themselves. This type of bond, I would imagine, would also allow the demon to basically use the warlocks senses as their own, much like with a familiar.
Then under certain conditions, like combat, the demon would be able to infuse more of their essence and mana into the warlock, allowing even greater abilities and spellcasting.