Hey Mashed,
Thanks for posting! Great question.
You definitely have the option of adding the MailChimp embed code (the HTML found in your account) into a widget on your WP site and it should function just fine in allowing your site’s visitors to signup to your page.
The plugin provides a few methods of convenience, such as the design options in the plugin settings (like borders, background colors, text colors), as well a means of editing text copy on your form, like the subscribe button’s text, the header text, and a sub-header. Another option allows you to easily choose to hide/show certain fields on your list. This can be helpful if you have fields on your list that you don’t necessarily want to appear on your form.
Now, keep in mind that the customization options described above can definitely still be done with the embed code. For example, the design options can be changed by using your own CSS. The fields can be hidden by manually removing them from the embed code before you use it onto your site.
Ultimately the choice is up to you. I’d recommend installing the plugin and giving it a try to see how it looks. You should notice that the embed code and plugin form look slightly different. While the changes aren’t huge, you may find that you like the design/styling of the plugin form more, as it integrates with your page.
If you have any questions, let us know!
-tk