Dawn is the personification of hope.
Or rather, since spoilers don't work in the WMG tags, the lack-of-a-personification of hope. I hate to solidify such a guess here since I like interpreting this particular story as the characters live it, but not only does it make so much sense, it also feels right. She is the opposite of Ito, in a way: Inspiring dreams where there is nothing so that they may become something, rather than crushing what there already is so that it does not become too much. This is exemplified in her "personification": She lives only in the minds and hearts of those who seek her, and when her unreachable position is attained, we don't (just) get the emptiness of a journey to a moot destination, we get a reflection of all... that, and a "this place is unbelieveably cool". (Granted, that last part may just be Crux's reaction. Other characters would probably react differently). I'm probably wrong, but I really don't mind. This series and the Colour My Series are in the same continuity.
Adventurers from the Kingdom of Loathing cameo'ed once, so...