As mentioned here by Kory Kramer, ArcPy now has functions to calculate spatial objects as text, such as WKT and GeoJSON. Please add this to an out of the box GP tool-- I believe Calculate Geometry Attributes is the perfect place for it.
Purpose: populate a text field with the string representation of valid geometric objects, with options including WKT, WKB, and GeoJSON.
Use case: Portability of GIS data. We need the ability to load a delimited csv of all tabular attributes of a feature class to data warehouses, including one text field containing the text representation of a spatial object. Once the csv is loaded to a data warehouse as a table, most of the database platforms can convert the geometry text to a spatial object using SQL functions like ST_FromText and TO_GEOGRAPHY.