I think of quaternions as operators which are applied to co-ordinates of a point. Operator $i$ rotates the point, to which it is applied, by 90 degrees anti-clockwise about positive $z$ axis. Operator $j$ rotates the point by 90 degrees about positive $y$ axis. Operator $k$ rotates the point 90 degrees about positive $x$ axis.
So, $i\cdot j=k$ actually means $j(i(x,y,z))=k(x,y,z)$, where $x, y$ and$z$ can be the co-ordinates of any arbitrary point.
So, each quaternion must contain the information about a particular axis and a particular angle to rotate the point on which it's applied. I think that's why they have four components. Three components are a must to describe any particular axis and one component to specify the angle.
$q_1\cdot q_2=q_3$ means if we rotate a point $(x,y,z)$ by the angle specified by $q_1$ about the axis specified by $q_1$, then rotate the resulting point by the angle and axis specified by $q_2$, then the point we end up is the same as the point we'd have ended up if we we'd rotated the initial point by the angle and axis specified by $q_3$.
Does this interpretation seem correct?
If this is correct, then what is the angle and axis encoded in an arbitrary quaternion $a+bi+cj+dk$?
Also, I have a problem with this interpretation. Because $i\cdot i=j \cdot j=k \cdot k=-1$. But $i\cdot i(x,y,z) = (-x,-y,z)$, which is not equal to $j\cdot j(x,y,z)=(-x,y,-z)$ and $k\cdot k(x,y,z)=(x,-y,-z)$