WKT carries geometry only, with no names or properties. TopoJSON is much smaller than GeoJSON for adjacent regions. WKT is at home in writing a single geometry in a database or script; TopoJSON is the usual choice for compact boundary maps for the web.
Every format is read into plain GeoJSON features and written out from there, so coordinates, names and properties carry over wherever the target has a place for them. Each geometry in the file becomes one feature without properties; WKT in a coordinate system other than latitude and longitude is refused. Coordinates are kept exactly (no quantisation) and shared borders are stored once; features without a shape are left out.