There is no question that internationalization, and particularly international student mobility, has transformed the higher education landscape in the last decade. It has brought diverse benefits to students, institutions, communities and countries. But there are unanticipated outcomes and risks as well. The purpose of this article is look at the complexities and current trends of student mobility and to invite reflection on some of the new developments and unintended consequences. These include granting and recognition of academic credentials; diploma and accreditation mills; collaborative programs such as joint or double degree programs and twinning and franchise arrangements; the great brain race and its implications for brain gain, brain drain, and brain train; the competitiveness agenda; status building and world rankings; regional identity and global citizenship. These macro issues often become an implicit part of the culture or environment of international education without being questioned. Focusing on some worrisome trends and outcomes of new developments in student mobility and internationalization does not deny the multitude of positive results; it is only an attempt to encourage a 360-degree look at the current state of student mobility and to encourage more research and reflection on some important trends and unexpected results. (Contains 1 figure and 2 tables.)