Mind wandering (MW) refers to the disengagement of attention from the external environment and the generation of thoughts unrelated to the task at hand. It is a ubiquitous cognitive process resulting in lapses of attention. MW imposes a negative impact on attention-based task performance, but also has been associated with enhanced creativity and future planning. In three experiments we show that MW relates simultaneously to both behavioral costs but also benefits. Behavioral costs were measured by prolonged reaction times (RT) in sustained attention to response tasks (SART), whereas the benefits were observed as improved performance in the creative problem solving and daily routine planning tasks performed after the SART. Additionally, we found an increased dispersion of RTs during MW suggesting that attention during these times underwent dynamical changes compared to states when participants were fully focused on the task. Our results support a model in which MW deteriorates performance in the task at hand and is related to dynamical changes in attention. At the same time it is also able to improve human capacity for complex operations.