Certain example embodiments relate to sputtering apparatuses that include a plurality of targets such that a first one or ones of target(s) may be used for sputtering in a first mode, while a second one or ones of target(s) may be used for sputtering in a second mode. Modes may be switched in certain example embodiments by rotating the position of the targets, e.g., such that one or more target(s) to be used protrude into the main chamber of the apparatus, while one or more target(s) to be unused are recessed into a body portion of a cathode of (e.g., integrally formed with) the sputtering apparatus. The targets may be cylindrical magnetic targets or planar targets. At least one target location also may be made to accommodate an ion beam source.