Possible perceptions are described in Wikipedia. Hyperventilation reduces the amount of CO2 in the blood and the lungs, that lets you hold breath without having urge to breathe longer than usually. Ideally, you can pass out without feeling urge to breathe, but you may need many cycles of hyperventilation followed by breath-holding to achieve blackout without feeling suffocation.
Some people can pass out directly from hyperventilation, but this should not be your goal, because you'd most likely wake up a few seconds later.