First a couple of quick definitions... sometimes "topcoat" is used to describe the color coat of epoxy, although that's also called the body coat or base coat. Other folks use "topcoat" when the talk about the final coat, also called the clear coat. It does get tricky.
I can't speak for other systems, but our recommended system consists of 3 layers; a primer (BondTite 1101), a body coat (usually LiquaTile 1184), and a clear coat. (generally EnduraShield 2254).
We have had clients who just use a layer of LiquaTile 1184, in fact there are quite a few floors out there like that. Most of them were before we came on board as the sole Wolverine Coatings distributor for the Do It Yourself market, so I don't have a lot of info on them. I know that if they had troubles that they would eventually call us, and I haven't had any of those calls so I imagine they're holding up fairly well.
Despite that we recommend that all our clients start with a prime coat of BondTite 1101. Before that let me note that the prep work for BondTite, and almost every epoxy out there, is pretty much the same. Some manufacturers have detailed instructions, some just a page or two, but the bottom line is that prep is prep, do it right. Once the prep is done put down a primer, a coating designed to adhere not just mechanically, but also formulated to penetrate the concrete and bond chemically. In the case of BondTite 1101 we spec a 5 mil depth thickness wet. Since it's a 100% solids epoxy there won't be any shrinkage due to water or solvents evaporating, although the final dry thickness might be less due to penetration, which is fine. There doesn't need to be a lot, it's the primer coat, there just need to be enough to dons to the concrete and provide a surface for the body coat to adhere to.
We have had some clients who like to wet look of the BondTite, and just left it at that. Although usually they aim for a final coat of at least 10 mils or more to provide some durability, because although the BondTite sticks like there's no tomorrow (it's even used on steel and other metals) it doesn't provide the same wear and the durability that LiquaTile 1184 does.
It goes on next, we spec 12 mils, and since it's also 100% solids there's no shrinkage, and with the concrete sealed there's no loss there either, so if you apply 12 mils wet, you'll end up with a 12 mil thick layer after it's all cured. As I mentioned LiquaTile can be applied directly to prepped concrete, but it's not really formulated for that - it's an entirely different material. One proof of that is its weight, a 3 quart kit of BondTite weighs about 9 lbs., a 3 quart kit of LiquaTile clocks in at 11 pounds. The big difference is that LiquaTile has ceramic content, that allows it to be hard, but not brittle. As it cures the ceramic content cross-links, so it has an internal lattice, a sort if built in trampoline, which helps it dissipate shock and impact, that helps prevent concrete chip outs, scratches, dings etc.
And that brings us to the clear coat, which I think was your initial concern. On thing to remember is that all epoxies are UV sensitive, they will discolor over time. Wolverine changed the LiquaTile formulation a few months ago, and it's made a big difference in the UV stability, but it will still yellow. On the other hand the polyurethane EnduraShield is UV stable, even if used outdoors in full sunlight. That's one of the main reasons to use a clear coat - UV stability. It's also very clear, so although it filters out most of the UV, a tiny bit will still reach any underlying epoxy, but it greatly decreases the epoxy color shifting.
The clear coat also is harder, it's very hard, so it will resist scratching. It goes on thin, about 3.2 mil when cured, so it doesn't offer a lot of impact mitigation, but that's okay because the underlying LiquaTile takes care of that.
I'd look at the clear coat as a very durable sacrificial coat. In a heavy use environment you may want to to apply another coat of it in a few years after it's seen a lot of use and abuse. But it's done its job, keeping any damage from hitting the LiquaTile layer. So to freshen up the whole floor at that time is a quick and painless process, no grinding or color matching headaches, just lightly sand the clear coat and apply another layer.
If you're on a budget I'd go for a quality primer coat (since that is where almost all epoxy floor failures occur - at that junction where the first layer of epoxy contacts the concrete) and the pigmented epoxy body coat. It will scratch and get marked up easier that a clear coated system, but you'll have a system that won't lift and will protect the concrete. You can still apply the clear coat when budget allows.
If a 2 layer system is still too much, you could go for just the primer coat or just the body coat. I'd opt for the primer coat, especially if the concrete's in pretty good shape. In that case the wet look is a pretty sharp look. If the concrete is nasty looking and has a lot of patches etc., the best technical solution would again be just a quality primer coat, but aesthetically it'd be tough to choose something other than a single coat of high quality pigmented epoxy. One of those form over function calls, but with the right product one that should work out well nonetheless.